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Economy, tax incentives & labor conditions
In most private companies the majority of contracts are temporary, often of just three months’ duration, and they are renewed repeatedly over several years. Given those insecure conditions, coupled with the threat of dismissal, workers mostly decide not to organise themselves in order to hold on to their jobs. There are no collective agreements in the export processing zones.
2500 companies are located in the Colon industrial park, the second-largest free trade zone in the world.
108 banks are registered in Panama in 2005.
In Panama, only corporate or personal income received in Panama is taxed, foreign income is tax-exempt.
370 000 offshore companies are registered in Panama.
Free trade zones: Zona Franca Baru
Zona Libre de Colón
Zona Procesadora Albrook
Zona Procesadora Davis
Zona Procesadora de Corozal
Main violations of the human rights and dirty money laundering