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Tax amnesty in Panama

Tax amnesty in Panama

Legislative bodies of Panama have enacted a Law 49 of 11 September 2018 (Law 49) that amends Tax Code of Panama and some other legal acts. The mentioned Law 49 establishes tax amnesty in Panama that exempts taxpayers from liability for non-payment or past due payment of some types of taxes and fees payable by

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New record keeping requirements for Panamanian companies

New record keeping requirements for Panamanian companies

From 1 January 2017 Panamanian companies that do not carry on business in Panama are required to keep accounting records and underlying documentation in the office of their registered agent in Panama or in other place outside Panama as determined by a company’s management bodies. The ‘accounting records’ mean the information which reflects company’s transactions,

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Panama to join the OECD Convention on tax matters

The Republic of Panama declared on July 15, 2016 its intention to sign the Convention on mutual administrative assistance in tax matters. It means that another popular offshore jurisdiction is close to joining the emerging global tax information exchange system. It is known that Panama for a long time has been demonstrating very “conservative” policy

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