New Law On Tax Amnesty In Panama: Corporations And Private Interest Foundations

Author:Mr Alvaro Tomas
Profession:Morgan & Morgan

The Panamanian government has issued Law 99 of October 11, 2019, which establishes a General Tax Amnesty Law ("Amnesty") that includes the elimination, for a limited period, of the penalties and surcharges caused by non-payment of the obligations with the National Treasury for corporations and private interest foundations. This law also includes amnesty for various types of interests and penalties resulting from non-payment of other taxes (for example: property or income tax).

Tax Amnesty Terms

The Amnesty Law will be extended until February 29, 2020 with exoneration as follows:

Full exoneration (100%) for those who pay in October and November 2019;

95% for those who pay in December 2019;

90% for those who pay in January 2020 and;

85% for...

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