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- Labor measures regarding COVID-19 in Panama
According to Resolution No. 11 of March 13, 2020, the Cabinet Council has declared a state of national emergency in the Republic of Panama, as a consequence of COVID-19. The Government through its different branches, has issued a handful of Executives Decrees in order to authorize and order extraordinary measures to face the situation. This is especially the case for the Panamanian Labor Ministry.
- Teleworking in Panama
Law No. 126 of February 18, 2020 (hereinafter “Teleworking Law”), published in Gazette 28965-A, which establishes and regulates teleworking in the Republic of Panama and modifies an article of the Labor Code, arrives as a legal guarantee in the face of changes in the labor market, in which remote or out-of-office work is becoming more frequent, either during some days of the week or as a permanent work model.
- Panama reinstates procedural remedy know as conservatory measures (injunctive relief)
Through Law 119 of December 10, 2019, published in Official Gazette No. 28917-B of December 10, 2019, in force as of such date, Article 569 of the Judicial Code which dealt with injunctive remedy, known in Panama as “conservative or general protection measures”, has been reinstated. Article 569 of the Judicial Code had been struck off through Law 19 of March 26 of 2013, as at the time, the legislators considered that such civil procedure protective rule, given its broad scope, had been subject of excesses by claimants in certain cases, causing prejudice to defendant’s rights.
- Littler Global Guide - Panama - Q4 2019
Effects of Declaration of December 20, 2019, as a National Mourning Day - New Order or Decree - On December 28, 2019, President Laurentino Cortizo and his Cabinet declared December 20, 2019, as a National Mourning Day, in remembrance of the 30th Anniversary of the United States’ invasion of Panama, to capture then-president Noriega.
- Incentives for the promotion of tourism activity in Panama
The benefits established by Law No. 80 of 2012 seek to boost foreign investment in the tourism sector in Panama for...
- Panama – Amendment of income tax statement for the headquarters of multinational companies
The General Directorate of Revenue of the Ministry of Economy and Finance, confirmed that adjustments have been made to the form for the payment of the Income Tax (ISR) so that the Headquarters of Multinational Companies (SEM by its Spanish acronym) can proceed with the payment of this tax.
- Panama – Increase in minimum hourly wage rates for 2020
By Executive Decree No. 424 of December 31, 2019, the Executive Branch approved the increase in minimum hourly wage rates, according to economic activity, occupation and company size, throughout the Panamanian national territory. The Executive Decree to be enforced in Panama as of January 15, 2020.
- Eleventh Circuit Clarifies Standard for New York Convention’s Public Policy Defense to Foreign Arbitration Awards
The dispute involved an arbitration related to alleged medical malpractice by doctors selected by Carnival Cruise Lines to treat a wrist injury of a Serbian employee of Carnival. The employee’s employment agreement with Carnival contained mandatory arbitration and forum selection clauses and a choice-of-law clause designating the governing law as the law of Panama, the law of the flag of the employee’s cruise ship. Notwithstanding the choice of Panamanian law, the employee filed a foreign arbitration asserting a claim under U.S. law, including the Jones Act, for vicarious liability against Carnival.
- Expanding Cannabis Operations in Latin America & The Caribbean: Panama
Medical Use: Draft regulations in preliminary discussion at Congress but discussion halted. Recreational Use/Adult Use: Prohibited. No pending regulation.... Please see full Chapter below for more information.
- Littler Global Guide - Panama - Q3 2019
On September 2, 2019, the Ministry of Labor issued resolution No. DM-402-19, published the following day on the official government publication, which enables individuals to comply with various filing requirements under the law, that previously could only be completed personally or by proxy.
- Doing Business in Latin America and The Caribbean: Panama
Panama is the southernmost country of Central America. It has a total landmass of 75,517 square kilometers and an estimated population of 3,510,045 as of a July 2011. Its government is a constitutional democracy and the official language is Spanish. Panama’s service-based economy is centered on...
- Panama adopts a list of reportable jurisdictions and participants in Automatic Exchange of Tax Information
Through the enactment of Law 51 of October 27, 2016, Panama officially undertook to implement the Common Reporting Standard ("CRS"). As a result of this law, Panamanian Reporting Financial Institutions ("RFIs") are required to carry out the detailed due diligence procedures of...
- Panama law firm Mossack Fonseca faces leak of 11 million documents exposing thousands of clients
In late 2014, an anonymous source secretly leaked to a German newspaper reporter nearly four decades of confidential and proprietary data about shell companies registered by the multinational Panamian based law firm Mossack Fonseca....
- Register of Money Remittance Companies with the Superintendency of Banks
The Prevention Agreement for Other Financially Obligated Subjects No. 001-2018 of August 21, 2018, issued by the Superintendency of Banks of Panama, establishes the registration process for money remittance companies before the Superintendency of Banks....
- Are Your Company’s Legal, Due-Diligence, De-risking, or Compliance Obligations Impacted by the “Panama Papers”?
In an unprecedented event earlier this week, 11.5 million files from the Panamanian law firm Mossack Fonseca were allegedly leaked. Assuming they are genuine, as appears to be the case, these “Panama Papers” offer a behind-the-scenes look at over 200,000 offshore shell companies—and, in some...
- Register of Exchange Houses before the Superintendency of Banks
The Prevention Agreement for Other Financially Obligated Subjects No. 002-2018 of August 21, 2018, issued by the Superintendency of Banks of Panama, establishes the registration process of the exchange offices in the Superintendency of Banks....
- Panama Papers: Looking Below the Headlines
The media loves a scandal. In the banking and compliance world, the latest scandal to hit the media was the Panama Papers. The Panama Papers is surprising in scope – Panama has become the favorite financial haven for money launderers, PEPs and other miscreants....
- Establishing A Business Entity In Panama
Types of Business Entities - The main types of Business Entities in the Republic of Panama are the Corporations (Sociedad Anónima) and the Private Interest Foundations (Fundación de Interés Privado). Limited Liability Companies (LLC) may be incorporated as well; however, the corporations ...
- Private Eyes They’re Watching You – Offshore Planning after the Panama Papers
Overview - If you have been reading my articles on JD Supra for a while, you will know that I love Afro-Cuban and Brazilian music. Nevertheless, the Hall and Oates song Private Eyes, is a more fitting song to describe the state of offshore planning in Tax Havens than “Oye...
- Significant Changes to Call Centers Activity
Law 52 of October 17, 2018, which regulates call centers activities for commercial use amends the tax incentives received by these companies....