Press Room

PANAMA - FISCAL PROVISIONS ENACTED IN JULY 2020

July, 2020

In the past few weeks several fiscal provisions have been enacted in Panama. We hereby list these provisions and what each of them establishes:

  • Executive Decree No. 343 of July 7: publishes the list of reportable jurisdictions for the Exchange of financial information under the Common Reporting Standard (CRS) and extends until September 30 the term for reporting said information for the year 2019.
  • Executive Decree No. 354 of July 9: Adds to Executive Decree no. 170 of 1993, as a foreign source income, that which is produced by legal entities not established in Panama when invoicing merchandise consigned to a logistics operator located in a free zone or customs primary zone.
  • Resolution No. 201-3338 of June 17: Issued by the DGI (Panama Tax Authority), modifies Form 930 on Transfer Pricing, establishing the obligation to include in the Form an email address with which the DGI may notify the legal representative of the taxpayer.
  • Resolution No. 201-3858 of July 9: Extended the suspension of terms on administrative recourses, requirements, requests or summons in processes and procedures under the competence of the DGI until July 31. 
  • Executive Decree No. 356 of July 16: Extends until July 31 the term for the payment of taxes before the DGI and for rectifying estimated taxes which have already been declared.
  • Executive Decree No. 357 of July 16: Establishes a term of three months from July 31, 2020 for the DGI to answer requests for the non-application of the Alternative Income Tax Calculation (CAIR).

 For any questions please contact us:


Ricardo Rocha
Associate

ricardo.rocha@ariaslaw.com 

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