If you have operations in this country, you probably asked yourself that question. In Englobally Latinoamérica, we explain it to you.

law on tax amnesty in Panama

Through Law 99, the National Assembly of Panama (Asamblea Nacional de Panamá) decreed a general tax amnesty for the payment of taxes administered by the General Directorate of Revenue (Dirección General de Ingresos). The law allows the write-off of the interests, surcharges, and fines of due taxes, as well as the fines for late declarations or omissions of taxes presented during the validity of the law.

It also includes fines for late submission of reports for compliance obligations made until December 31, 2019, as well as penalties for competition violations of the General Directorate of Revenue as of June 30, 2019.

Who can benefit from the amnesty law? Natural and legal persons, including real estate, in case they are not delinquent. Only taxpayers accused of tax evasion charges cannot comply with the law.

The law began to apply on October 14 of this year and will end on February 29, 2020. It is crucial to keep in mind that it includes an article that suspends all tax amnesty or moratorium until the year 2025.

Taxpayers who pay in the first months will receive benefits: Payments made between October and November 2019 will receive 100% of the remission, those who do it in December will get 95%, those of January 2020 90% and if they do it in February 2020 they will receive 86%.

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With this operation, the government hopes to achieve a collection of between 250 and 300 million dollars.

Do you want to know how to apply this law to your company? Englobally Latinoamérica will guide and assist you in all the details. Contact us!


Publicado el 11-2019 por Englobally Latinoamérica