The Municipality of Panama has introduced a tax amnesty programme that grants exemptions from interest, penalties, and fines for individuals and legal entities, as per Agreement No. 200, on 20 August 2024.
To qualify, participants must settle their outstanding balances, including principal amounts and pay 50% of the fine for failing to submit the annual revenue return. This programme will be available from 16 September 2024 to 16 October 2024.
The agreement outlines exemptions for taxpayers: those who pay their full capital owed can receive a 100% exemption on surcharges and accrued interest and a 50% exemption on fines for not filing the annual affidavit of gross income.
The exemption doesn’t apply to taxpayers who haven’t informed the Municipal Treasury about their business activities in Panama or haven’t filed their annual income tax return for the current year.
This agreement will take effect upon its publication in the Official Gazette and remain in force for the mentioned period.
