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Panama

PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #11 TAX INCENTIVES PER DONATIONS

April, 2020

The Government of Panama offers a tax incentive to individuals and companies for their donations to the monetary fund “Panama Solidario”, which will be 100% deductible as expenses for next year’s income statement.No fines, surcharges or interest shall be imposed for late payment or late presentation...

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PANAMÁ - MEMORANDUM ON THE LAW THAT CREATES A PRIVATE AND UNIQUE SYSTEM OF REGISTRATION OF FINAL BENEFICIARIES OF LEGAL ENTITIES

April, 2020

On March 20, 2020, Law No. 129 of March 17, 2020 was published, which creates a Private and Unique System of Registry of Final Beneficiaries of Legal Entities (hereinafter the “Registry of Final Beneficiaries”).Here is a summary of the most relevant aspects of the abovementioned law:The purpose of t...

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PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #10 MORE MONEY FOR PROCUREMENT

April, 2020

The Government of Panama, by Cabinet Resolution No.18 of April 2, 2020, expanded the National Declaration of Emergency increasing extraordinary procurement from US$50 million to nearly US$428 million, to reinforce the fight against COVID-19 and allow social assistance as per the Protégete Panama Pla...

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PANAMA IMPLEMENTS SYSTEM TO PROTECT THE PRIVATE INFORMATION OF FINAL BENEFICIARIES OF LEGAL ENTITIES

March, 2020

Through Law No. 129 of March 17, 2020, (hereinafter “the Law”) it has been approved the transfer of the custody of the information on the identity of the Final Beneficiaries of legal entities (hereinafter “the Law”) to the Superintendence of Non-Financial Subjects (hereinafter “Superintendence”). Th...

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