The Income Tax Treaty (2012) between Israel and Panama has entered into force on June 30, 2014 and this generally applies from January 1, 2015 for withholding and other taxes and from June 30, 2011 for the exchange of information. Details of the treaty will be reported afterward.
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On 4 March 2024, the Finance Committee of Israel’s parliament (Knesset) passed a measure to impose a 6% tax on financial institutions holding assets equivalent to at least 5% of the total assets held by Israeli banks. This additional tax will be
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On 15 January 2024, Israel's Ministry of Finance proposed to increase the tax rate on bank profits from 17% to 26% in both 2024 and 2025. At present, banks and other financial institutions pay a 17% VAT-equivalent tax on their total payroll and
Read More On 17 August 2023, the Israel Tax Authority (ITA) released Tax Circular No. 1/2023, which provides guidance for mutual agreement procedure (MAP), and bilateral advance pricing agreement (APA) requests. The new circular replaces the guidance of
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On 27 June 2023, Panama officially published Resolution No. 201-4370/2023 in the Official Gazette, that introduces updated forms for filing income tax returns. These new forms are applicable to various entities, including individual taxpayers, legal
Read More On 26 June 2023, the Panamanian tax authority issued Resolution No. 201-5949, that announced an extension of the deadline for calendar year taxpayers to file transfer pricing return (Form 930) for fiscal year (FY) 2022. The original deadline of 30
Read More On 17 April 2023, the Panamanian tax authority (DGI) released Resolution No. 201-3486, which introduced penalties for employers who do not submit their monthly withholding tax returns Form 03 for employment income (in Spanish, Planilla 03). The
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