Panama’s Ministry of Economy and Finance and tax authorities have recently announced tax developments, which include new regulatory obligations for resident agents and legal entities and deadline extensions for compliance requirements.

Updated accounting record requirements for legal entities 

Panama’s Ministry of Economy and Finance issued a Executive Decree No. 168 on 19 December 2024 that regulates the requirement for legal entities to maintain accounting records and provide them to their resident agents under Law 52 of 2016, which was amended by Law 254 of 2021.

Under Law 52 of 2026, legal entities must submit specific documents by 30 April every year. Additionally, resident agents must file an affidavit listing the entities they represent by 15 July each year, starting in 2025.

Affidavit deadline extended to March 2025

Panama’s tax authority also published Resolution 201-9360 of 2024  on 30 December 2024  in the Official Gazette, extending the deadline for resident agents to submit an affidavit of the legal entities they represent to 31 March 2025. The previous deadline was 31 December 2024.