In accordance with Resolution No. 201-1937 of 2 April 2018, published in the Official Gazette on 9 April 2018, Panama modified Form No. 930 (V1.0), Transfer Pricing Information Return. The new form is Form No. 930 V2.0 (Form 930) and effective from 9 April 2018.
Taxpayers should use Form No. 930 (V1.0) for reporting the information corresponding to fiscal years before 2018. Form 930 should be submitted online through the tax authorities’ E-Tax 2.0 System.
In accordance with the provisions of Article 762-I of the Tax Code, failure to comply with the filing of Form 930 subject to a penalty of 1% of the total amount of related-party transactions. For the penalty calculation, the gross amount of the transactions should be included in the penalty calculation, regardless of whether the transaction amounts are income, expenses or deductions and the penalty amount must not exceed 1 million Balboas.
