Considering the fact that the request for non- application of the alternate income tax calculation requires to present some accounting documents reconciled with the information contained in the affidavit of income , Executive Decree No. 76 of March 25th, 2015, published in the Official Gazette No. 27,748 on Thursday, March 26th, 2015, establishes a term of five (5) working days from the day after filing of the income affidavit to present such documents accompanying the request for non-application of the alternate income tax calculation.

The Official Gazette publishes the regulatory decree for Article 13 of Law 80 of 2012, which grants incentives for the development of tourist activity in Panama

On Monday March 23rd, 2015, Official Gazette No. 27745-B published Executive Decree No. 51 of March 17th 2015, which regulates the procedure for the deduction of investment costs arising from sums spent in promoting tourism in Panama. Then, it will be recognized as deductible all investments in the restoration, maintenance or illumination of historic monuments, sites of recognized historic value, museums, theaters, cultural centers, craft markets, municipal parks, national parks, nature trails in protected areas or infrastructure works in areas of tourism development.

The decree, among other things, establishes the essential requirements for the deduction of the investment costs and the procedure to be carried out before the General Directorate of Revenue to obtain the approval.

Law 6 of March 20th 2015 amends certain articles of Law 45 of 1995 in relation to the selective tax on the consumption of alcohol beverages

Law 6 of March 20th, 2015 was published in the Official Gazette No. 27744-A, of same date and among other things establishes:

  1. Article 7 of the Law is amended and resettled that the Selective Tax on the consumption applies to domestically produced goods, but also to taxable services.
  2. The Selective Tax on alcoholic beverages is fixed, including beers, at four cents and a half (B / .0.045) per degree of alcohol content per liter of the beverage.
  3. From the proceeds of the Selective Tax on beer, 10% will go to the Techos de Esperanza Program; 20% to the Disability, Old Age and Death Regime of the Social Security Institute for the Defined Benefit Subsystem Exclusively; 5% to the Panamanian Sports Institute; and 5% to the Mental Health Institute for the Addiction Study and Treatment Center.

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