Article 710 of the Tax Code, which regulates all matters pertaining to the filing of sworn income tax statements by taxpayers, for income earned during the previous tax year, stipulates that:
The deadlines for the annual filing of the sworn statement are:
Natural Persons: Until March 15th
Legal Persons: Until March 31st
The following are exempt from filing an income tax return:
- Any worker earning only one salary, whose taxes have been withheld by his employer. Natural persons practicing professions or activities in an independent manner, whose
- taxable income is less than B/.1,000.00, or a lesser amount, during the corresponding tax period, as long as their gross income does not exceed B/. 3,000.00 annually. All natural or legal persons who dedicate themselves to agricultural activities and have annual gross incomes of less than
- B/. 300,000.00.
Taxpayers may request an extension of the previously mentioned deadlines, one month before their expiration, for up to one additional month.
Discount of 10% on the payment of property tax
According to the stipulations of article 786 of the Tax Code, all payments made within the two first months of the first four-month period, or within the first month of the second and third four-month periods, shall receive a 10% discount benefit, as long as and when it pertains to the tax on a property which is the residence of the taxpayer. The before mentioned discount shall also apply if the payment is made within the first three months of the year, even when payment is made through annuities.
Municipal income statement
The annual sworn Statement, for gross income obtained as the product of operations within the District of Panama, must be filed for each taxpayer at the Municipality of Panama within the first ninety (90) calendar days starting after the end of the tax period.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
