Special Property Tax Stopped

The proposed special tax on properties near the coastal strip has been scrapped, due to the fact that the Government has found other ways of financing the popular Coastal Strip. President Torrijos confirmed that the funding for the construction of the strip will in fact come from the National Treasury and will not be raised by the imposition of a properties tax on adjacent locales.

Had this tax plan proceeded, the residents of the nearby Calidonia, Bella Vista, San Francisco and Paitillas would have had to fork out up to an additional $14,000 in taxes over a ten year period, purely based on the fact that they live close to the Coastal strip.

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