• JD Supra Panama

Publisher:
JD Supra
Publication date:
2019-04-29

Latest documents

  • 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 – 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.

  • 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.

  • 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.

  • 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.

  • 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 represent most of the registrations.
 
 These business entities have the following advantages:
 
 • They offer total secrecy and anonymity;
 • There is no requirement to disclose shareholders or beneficiaries;
 • There is no requirement to file annual returns or financial statements;
 • There is a full exemption from taxation on any business activity or transaction carried outside of Panama;
 • Simple ongoing administration;
 • The accounting books may be kept anywhere in the world.
 
 Please see full Chapter below for more information.

  • 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.

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