The President of the Republic, José Raúl Mulino, stated that companies operating under the old concession of Panama Ports Company will have to negotiate new terms with the current temporary port operators following changes in terminal management. During his press conference, the head of state explained that the previous concession no longer exists, so companies that held contracts or leases under that scheme will have to adapt to a new legal reality. According to Mulino, these negotiations will not be with the central government, but directly with the port operators currently managing the terminals. "Those companies have to negotiate a new legal reality with the port operators, not with the central government," he indicated. End of Exemptions The head of the Executive also stated that the previous scheme included tax benefits that, he said, did not generate revenue for Panama, even though the State maintained a shareholding in the concessionaire. Mulino maintained that this situation will change under the new model, as all companies operating within the port system must comply with the corresponding tax obligations. "No one will be exempt from paying taxes to the Republic of Panama," he affirmed. New Scenario for Companies The head of state explained that all agreements and benefits generated under the previous contract must be reviewed or renegotiated based on the new conditions established for port operations. "The Panamanian State has taken back the ports for the Panamanians," Mulino expressed, indicating that the issue is complex and that each company will have to reorganize its contractual situation with the port operators currently managing the terminals.
