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Yesterday, October 14, 2019, Law 99 of October 11, 2019 was published in the Official Gazette of Panama by which a General Tax Amnesty is granted for the payment of taxes managed by the General Directorate of Revenue of the Ministry of Economy and Finance of the Republic of Panama.
It is established in the aforementioned law that such amnesty consists in the remission of any interests, penalties and fines of taxes owed by taxpayers, whether they are natural or legal persons.
Natural and legal persons and real estate properties may be eligible for the tax amnesty period, including those that maintain payment arrangements at the date that the law came into force.
The amnesty period is granted until February 29, 2020, subject to the following conditions:
** In case of payment arrangements, other provisions established in the Law will apply.
After the end of the current amnesty period, any new amnesty or new tax moratorium is suspended until December 31, 2024.
We encourage our clients to take advantage of the new tax amnesty to maintain companies and properties taxes in good standing with the General Directorate of Revenue of Panama.
It is established in the aforementioned law that such amnesty consists in the remission of any interests, penalties and fines of taxes owed by taxpayers, whether they are natural or legal persons.
Natural and legal persons and real estate properties may be eligible for the tax amnesty period, including those that maintain payment arrangements at the date that the law came into force.
The amnesty period is granted until February 29, 2020, subject to the following conditions:
- If the payment is made during the months of October and November 2019, 100% of all interest, penalties and fines shall be cancelled.
- If the payment is made in December 2019, 95% of all interest, penalties and fines shall be cancelled.
- If the payment is made in January 2020, 90% of all interest, penalties and fines shall be cancelled.
- If the payment is made in February 2020, 85% of all interest, penalties and fines shall be cancelled.
** In case of payment arrangements, other provisions established in the Law will apply.
After the end of the current amnesty period, any new amnesty or new tax moratorium is suspended until December 31, 2024.
We encourage our clients to take advantage of the new tax amnesty to maintain companies and properties taxes in good standing with the General Directorate of Revenue of Panama.