ARTICLE
22 June 2021

How Is The New Tax Amnesty In Panama

CL
CLD Legal

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With almost 20 years of service and continuous expansion, CLD Legal has focused its efforts on providing comprehensive legal services characterized by our commitment to work, customized attention, as well as practical and effective solutions for each of our clients. From our headquarters in Panama City, Republic of Panama, we provide a variety of services, through our own structure or affiliate offices, guaranteeing a personalized treatment and the highest quality At CLD Legal we have the knowledge to advise our clients in the areas of Corporate Law, Intellectual Property, Tax Law, Real Estate, Migration Law, Foreign Investment and Registry of Yachts and Ships.
Through Law 208 of 2021, Law 99 of 2019 has been modified, which is related to the Tax Amnesty for the payment of taxes in Panama.
Panama Tax

Through Law 208 of 2021, Law 99 of 2019 has been modified, which is related to the Tax Amnesty for the payment of taxes in Panama.

On this occasion, it is a Tax Amnesty to which taxpayers, be they natural and legal persons, as well as real estate that owe taxes, fees and special contributions due and delinquent as of January 31, 2021, can avail themselves.

On the other hand, the possibility of being able to carry out payment arrangements with the General Directorate of Revenues is opened again; Even if you have a prior payment arrangement, you can withdraw from it and avail yourself of a new payment agreement as long as you pay 25% of the nominal tax owed, in which case the Panamanian State forgives you 85% of the total interest surcharges and fines. It should be noted that any payment arrangement made at this time must be paid in full by December 31, 2021.

Corporations, limited liability companies, private interest foundations and other legal structures that must pay the franchise tax annually, can take advantage of this new tax amnesty in order to pay their surcharges and fines, which are due as of January 31 from 2021, with an 85% discount to them.

We invite our clients to get up to date with their tax obligations, taking advantage of the discounts and payment agreements that the national government has approved.

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.

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