Panama issues new form of transfer pricing information return

17 April, 2018

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

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Jamaica and five more countries sign MLI to implement tax treaty related BEPS measures

20 February, 2018

On 24 January 2018, the Ministers and high-level officials from Jamaica, Malaysia, Panama, Barbados, Côte d’Ivoire and Tunisia have signed the BEPS Multilateral instrument (MLI) to amend double tax treaties to bring into effect changes designed

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Panama signs agreement for exchange of financial account information

15 January, 2018

On 15 January 2018 Panama signed the CRS Multilateral Competent Authority Agreement (CRS MCAA), the agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative

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Panama aims to introduce advance pricing agreements

27 July, 2017

Panamanian Tax Authority (DGI) began a consultation to amend Article 762-L of the tax code to introduce advance pricing agreements (APAs) on transfer pricing issues. The DGI has twelve months to issue a decision and the decisions of the DGI are

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Panama deposits instrument of ratification for convention and protocol on mutual administrative assistance in tax matters

19 March, 2017

Panama deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters, as amended by the 2010 protocol, on 16 March 2017. The Convention and the amending protocol will enter into force 3

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Panama, Vietnam DTA enters into force

15 March, 2017

On 14 February 2017, the Double Taxation Agreement (DTA) between Panama and Vietnam was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty generally applies from

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Panama ratifies Convention on Mutual Administrative Assistance in Tax Matters

27 February, 2017

On 21 February 2017, the multilateral Convention on Mutual Administrative Assistance in Tax Matters was ratified by Panama, as amended by the 2010 protocol, by way of Law No. 5, as published in Official Gazette No. 28225B of 23 February

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Panama: National Assembly of Panama approves Convention on Mutual Administrative Assistance

20 February, 2017

On 14 February 2017, the multilateral Convention on Mutual Administrative Assistance in Tax Matters was approved by the National Assembly of Panama, as amended by the 2010

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Panama ratifies DTA with Vietnam

15 February, 2017

On 7 February 2017, Panama ratified the Double Taxation Agreement (DTA) with Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on

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TIEA between Japan and Panama expected to be entered into force

15 February, 2017

On 12 March 2017, the Tax Information Exchange Agreement (TIEA) between Japan and Panama will enter into force. For criminal tax matters, the agreement generally applies from 12 March 2017 and for all other tax matters from 1 January 2013. This

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Panama adopts fiscal transparency compliance policy

13 February, 2017

On 2 February 2017, According to Executive Decree 10, Panama's fiscal transparency compliance policy is adopted that was issued by the President and published in the Official Gazette. It includes joining the OECD Automatic Exchange of Information

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Panama: Tax credit procedure for VAT (ITBMS)

05 February, 2017

On 23 January 2017, tax authorities of Panama published a Resolution 201-0261 that launched the procedure for VAT withholding agents applying for the tax credit. The Resolution is effective as of 24 January 2017 and VAT (ITBMS) withholding agents

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Panama approves TIEA with Japan

25 January, 2017

On 23 January 2017, the National Assembly of Panama approved the Tax Information Exchange Agreement (TIEA) with Japan. Furthermore, On August 25, the Government of Japan and the Government of the Republic of Panama signed the Exchange of Information

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Panama approves DTA with Vietnam

25 January, 2017

On 23 January 2017, the National Assembly of Panama approved the double tax agreement (DTA) with Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on

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Panama: TP documentation requirements and Arm’s length principle

10 November, 2016

Decree 390 was published in the Official Gazette on 25 October 2016 to regulate the arm’s length principle established in the Fiscal Code and establishes Transfer Pricing documentation requirements. The Decree will enter into force on 1 January

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US: FATCA agreement between US and Panama entered into force

08 November, 2016

Foreign Account Tax Compliance Act (FATCA) agreement between US and Panama has been entered into force on 25 October, 2016. The agreement was signed on 27 April, 2016 with the aim of exchange of information related to

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WTO backs Argentina’s anti-avoidance tax measures

09 August, 2016

The Appellate Body of the World Trade Organization (WTO) provided its report on 14 April 2016, regarding "Argentina – Measures relating to trade in goods and services" case brought by Panama. In the case concerned, and in relation to Argentina's

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Panama-Deadline for filing income and real estate tax returns extended

01 May, 2016

In a Press release of 29 April 2016 the tax authorities of Panama announced that the deadline to file income tax returns and real estate tax returns will  further be extended to 3 May

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