Panama’s Ministry of Economy and Finance (MEF) is now hoping to generate an extra $50m to $100m for the economy (roughly £37m to £73.8m) via its newly relaunched Fiscal Lottery.
In 2023, around 3.6% of GDP (approximately $3bn) was lost to tax evasion. Deputy Minister Fausto Fernández says unpaid or irregular taxes could total between $1.5bn and $2.8bn, mostly because invoices were late or never issued.
The government now hopes the extra cash can go to infrastructure, healthcare, education and social programmes. The initiative also aims to get people into the habit of asking for receipts, and tackle the widespread evasion of the ITBMS – the country’s tax on goods and services.
Inspections and early results
The Ministry launched the Lottery back in June. Between July 2024 and May 2025, checks found that 83% of businesses weren’t issuing invoices, but that fell to 58-60% after the new rules were applied.
Meanwhile, more than 4,000 inspections showed that more people are becoming aware of their responsibilities when it comes to paying taxes.
Early numbers demonstrated that in the first half of this year, tax collection rose 10.8% compared with the same period in 2024, and when you add in non-tax revenue, total growth hits 11.6% – which is said to be a sign that the government’s finances are heading in the right direction despite economic challenges.
How to take part
People can enter by putting five valid tax invoices along with their personal details into ballot boxes at shopping centres or DGI offices.
The first draw is on 28 August and then every two months after that. Each round gives out $110,000 to 25 winners: five $10,000 prizes, ten $5,000 and ten $1,000. Invoices can be electronic with a QR code, printed from fiscal machines or standard paper copies.
The MEF says that since people make about three transactions a day on average, most participants should be able to meet the minimum invoice requirement, helping to build a stronger culture of tax compliance across the country.