Panama's ITBMS Revenue Grows Thanks to Fiscal Lottery

Panama's Vice Minister of Economy and Finance, Fausto Fernández, reported that revenue from the Transfer Tax on Movable Property and Services (ITBMS) increased from a monthly average of $69 million to $93 million in October, according to preliminary figures. He attributes this improvement to the positive impact of the Fiscal Lottery on strengthening tax collection. The Vice Minister announced that the next draw will take place in December, with participation expected to exceed one and a half million envelopes, reflecting the growing public interest in supporting transparency and strengthening the country's finances. However, after the announcement and launch of the Fiscal Lottery, revenues began to grow steadily, reaching $80 million in September and $93 million in October. In the second draw, held at the end of October, participation multiplied to over one million envelopes, equivalent to more than five million registered invoices. During the first draw on August 31, 40,000 envelopes with participating invoices were received. Fernández explained that before the initiative's launch, the monthly collection of the ITBMS averaged $69 million. Fernández emphasized that this increase demonstrates that Panamanians have responded positively to the incentive to participate, requesting their invoices and thus contributing to fiscal control and tax transparency. "The simple announcement of the Fiscal Lottery generated an immediate 8% to 9% increase in revenue. Today we can say that the results exceeded expectations," stated the Vice Minister. "The data shows that consumption has not decreased; instead, purchases are now being reported correctly. With this initiative, the Ministry of Economy and Finance (MEF) reaffirms its commitment to a more efficient, responsible, and transparent revenue collection, contributing to a stronger and more sustainable Panamanian economy. This is an important achievement in management and tax culture," he affirmed.