Panama offers amnesty for late interest payments for tax liabilities until December

05 November, 2024

Panama introduced a tax amnesty through Law 446, published in the Official Gazette on 28 October 2024, offering tax relief on surcharges and late interest payments for various tax liabilities, such as income tax, real estate tax, VAT, selective

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Panama introduced procedure to allow transfer of tax credits

01 October, 2024

Panama’s tax administration (Dirección General de Ingresos, DGI)  introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another

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Panama: Municipality announces tax amnesty programme

13 September, 2024

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

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India, Panama interested to conclude tax treaty

03 September, 2024

The General Directorate of Revenue of Panama's Ministry of Economy and Finance announced that India and Panama have shown interest in establishing a tax treaty, following a meeting between officials from both nations held at Panama on 28 August

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Panama extends CRS filing deadline

20 August, 2024

Panama’s tax administration (Dirección General de Ingresos—DGI) has extended the common reporting standard (CRS) filing deadline for the fiscal year 2023 until 2 September 2024. The previous reporting deadline was set for 31 July

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Panama, Brazil negotiate income tax treaty 

16 August, 2024

Panama's Ministry of Economy and Finance, in a release, stated that officials from Panama and Brazil convened, on 12 August 2024, to discuss the negotiation of an income tax treaty. Panama’s General of Revenue, Camilo Valdés Mora, and the

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Panama regulates mutual agreement procedures for double tax treaties

04 July, 2024

Panama’s tax authority (Dirección General de Ingresos, DGI) published Resolution 201-3777 of 7 June 2024 in the Official Gazette on 24 June 2024. This Resolution sets forth procedural guidelines for taxpayers to access the Mutual Agreement

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Panama introduces updated income tax return forms

13 July, 2023

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

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Panama extends deadline for transfer pricing return

28 June, 2023

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

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Panama: DGI declares penalties for late filing of withholding tax returns

10 May, 2023

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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Panama extends ‘Large Taxpayer’ definition

04 May, 2023

The Directorate General of Revenue (DGI) of Panama released Resolution No. 201-3346 on 13 April 2023. On 19 April 2023, this resolution has been published in Official Gazette No. 29764, and effective since that date. The resolution revises the

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Panama declares CbC Reporting deadline

05 January, 2023

On 30 December 2022, the Resolution 201-9507 was published in Official Gazette No. 29692-A, that extended the deadline for submitting the country-by-country (CbC) report for fiscal year 2021 to 15 January 2023. The CbC report must be submitted

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Panama amends CbC reporting penalties

15 December, 2021

On 11 November 2021, Panama published Law No. 254 in the Official Gazette No. 29413-A, which amends the legislation on international tax transparency and the prevention of money laundering, and the financing of terrorism. The significant

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Panama further extends tax return submission deadline for 2020 tax year

10 April, 2021

According to Decree No. 110 of 31 March 2021, Panama's Ministry of Economy and Finance has extended the deadline for the submission of income tax returns to 17 May 2021 for the 2020 tax year, which follows a previous extension to 3 May 2021. In

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Panama extends tax return submission deadline for 2020

24 March, 2021

The Ministry of Economy and Finance of Panama has extended the deadline to 3 May 2021 for the submission of income tax returns (natural and legal persons) for the tax year 2020 in response to the Covid-19

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Panama: Draft bill to introduce tax relief measures

09 March, 2021

The Cabinet of Panama has approved the Ministry of Finance to submit a draft bill in the National Assembly providing tax relief measures in response to the Covid-19 pandemic. Tax measures are following: Extension of the installment payment for

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Panama declares revised tax rates for SMEs

12 January, 2021

On 17 December 2020, Panama has published Law No. 189 which introduces reduced income tax rates for companies and individuals qualifying as SMEs with effect from 1 January 2020, subject to the following conditions: The SME's gross annual

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Panama declares 5% income tax rate

10 November, 2020

According to Executive decree No. 241, Companies with a multinational company headquarters (SEM) license may be eligible for a tax incentive of a reduced 5% income tax rate. To be eligible for the reduced tax rate the company must: Have executed

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