ECONOMIC REACTIVATION PROJECT IN PANAMA – GRANT GENERAL TAX AMNESTY GRANTED TO ALL DEBTORS

On October 11th, 2019 in Panama, Law 99 on Tax or Tax Amnesty was created, which was ratified by President-elect Laurentino Cortizo, in which it is granted to all (natural and legal entity), to update on the payment of their tax obligations without being subject to fines and surcharges.

To be part of the Amnesty is through the website of the General Directorate of Revenue (https://dgi.mef.gob.pa) so it is not necessary to go to the entity personally.

For those who wish to qualify for the tax amnesty, they are those debtors with obligations that have been generated until July 30th, 2019.

This tax amnesty will be only for the payment of taxes that are the responsibility of the DGI (tax office), such as the payment of Income Taxes, Dividends, Notice of Operation, complementary taxes.

If you pay until November 30th, 2019 you have a 100% discount, if you pay until December 31th, 2019 you have 95%, until January 31th, 2020 you have 90% and if you pay until February 29th, 2020 you have 85 %. With this they estimate to collect between 200 and 250 million dollars.

This Tax Aminist is valid until December 31th, 2024.-

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