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PANAMA - THE USE OF ELECTRONIC SIGNATURE REACHES THE INSURANCE BUSINESS
In recent days, the Insurance Superintendency of Panama approved Rule No. 02 of 2022, which regulates the use of electronic signatures in the documentation related to the insurance sector. This legislation came into effect on July 20, 2022.
The main objective of this Rule i...
PANAMA FORCES PUBLIC SERVANTS TO DISCLOSE CONFLICT OF INTERESTS
By Law 316/2022 Panama makes compulsory the filing of an Affidavit containing any relationship linked to the provider of the public function, paid or not, that could generate a potential conflict of interest. This includes personal, family and even donors that may influence decis...
IFLR1000 RANKING 2022: PANAMA QUALIFIES IN BANKING AND FINANCE PRACTICE
ARIAS Panama was ranked by the distinguished legal directory as an outstanding firm within the highly competitive local market:
To qualify in this ranking, the International Financial Legal Review (IFLR1000) directory is based on transactional evidence, complexity and ...
PANAMA APPROVES LAW FOR ELECTRIC MOBILITY
Last Monday, April 25, Panama approved Law 295 that encourages Electric Mobility in Transportation, which will come into effect next year, January 1st, 2023.
The Transit and Land Transport Authority (ATTT) will promote a steady replacement of mass transit fleets (buses and taxis...
PANAMA - REGULATION TO THE LAW THAT CREATES THE PRIVATE AND UNIQUE SYSTEM OF REGISTRATION OF BENEFICIAL OWNERS OF LEGAL ENTITIES
On March 25, 2022, Executive Decree No. 13 of 2022 (hereinafter "the Regulation") was published, by means of which Law No. 129 of 2020 (hereinafter "Law No. 129), which created the Private and Unique System of Registration of Beneficial Owners of Legal Entities, is...
ARE SPECIAL REGIMES ABOVE DATA PROTECTION LAW?
Law 81/2019 on the Protection of Personal Data in Panama exempts from its scope of application, those procedures that are expressly regulated by special laws or by the regulations that develop them.
However, the provisions and postulates on the protection of personal data contai...
PANAMA - MANDATORY COVID-19 VACCINE FOR PUBLIC SERVANTS IN PANAMA
Panama recorded yesterday 4,372 new contagions, which means that COVID-19 infections are increasing an average 2,390 new cases every day. This represents 66% of the peak — the highest average reported on January 9, last year.
Consequently, yesterday the National Government...
PARTIAL INCREASE IN THE MINIMUM WAGE IN PANAMA
By not reaching a consensus in the National Minimum Wage Commission -formed by workers and employers- the Panamanian Government set the last day of the year 2021, through Executive Decree #74, the new minimum wage that will begin to govern from January 16, 2022, for two year...
PANAMA - REGULATION OF THE PANAMANIAN FOOD AGENCY (APA)
On September 29, 2021, Executive Decree No. 125 which regulates the Law 206 that creates the Panamanian Food Agency (APA), was published in the Official Gazette. The APA replaces the Panamanian Food Safety Authority (AUPSA).
The APA is a new autonomous entity of the Stat...
PANAMA GRANTS PATERNITY PRIVILEGE
In September 2016, the Government has approved the Law No. 238 of 2021 that extends the scope of the maternity privilege to the father and mandates a vacation leave in cases where the mother has passed away. This paternity privilege is coming into effect the next day after l...
PANAMA HARDENS SANCTIONS TO FOREIGNERS MISSING WORK PERMITS
By means of the Law No. 237 of 2021, the Labor Code is modified to increase sanctions due to infringements related to the recruitment of foreign personnel without the corresponding authorization, establishing US$ 15,000 fines and provisional suspension of the company’s comm...
PANAMA EXEMPTS FROM SUBMITTING COVID-19 TESTS TO VACCINATED TRAVELERS
Through Executive Decree No. 833 of August 30, 2021, Panama has eliminated the requirement to present COVID-19 tests and to carry on a 72-hour preventive quarantine, for travelers arriving in the national territory, as long as the person has completed the vaccination pr...
ARIAS PANAMA TIER 1 IN PROJECT DEVELOPMENT BY IFLR1000
IFLR1000 published the ranking of law firms in its 31st edition, including for the first time Arias' office in Panama in the category of "NOTABLE" in the practice of Project Development. It is a significant recognition because this prestigious legal directory b...
PANAMA MODIFIES THE "FRIENDLY NATIONS" IMMIGRATION SUBCATEGORY
Executive Decree No. 226 of July 20, 2021 which modifies the Permanent Resident Permit as National Foreigners of specific countries that maintain friendly, professional and investment relations with the Republic of Panama, also known as "Friendly nations", was recently ...
PANAMA - EXTENSION TO PROCESS APPLICATIONS FOR SANITARY PERMITS
Through Resolution No. 0899 of 2021, the Ministry of Health of the Republic of Panama, has established an additional period of six months, as of April 1, 2021, for companies and/or establishments to process their applications and renewals for:
Sanitary Operation Permit...
PANAMA REGULATES DATA PROTECTION LAW
Law No. 81 of March 26, 2019, which entered into force just two months ago, on March 29, has finally been regulated since last Friday May 28, through Executive Decree 285, establishing tangible guidelines for compliance with the principles, rights, obligations and procedures for ...
SHORT STAY VISA AS A REMOTE WORKER IN PANAMA
Through Executive Decree No. 198 of May 7, 2021, Panama has created, within the non-resident immigration category, the short-stay visa as a remote worker; specifically focused on attracting extended stay tourists and digital nomads who are able to work remotely from Panama.
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PANAMA - THE PANAMANIAN FOOD AGENCY IS CREATED
In recent days, Law 206 of March 30, 2021, which creates the Panamanian Food Agency (APA) and eliminates Decree Law 11 of 2006, was published in the Official Gazette.
The aforementioned law eliminates the Panamanian Food Safety Authority (AUPSA), in favor of the creation...
PANAMA - MEF EXTENDS DEADLINE FOR INCOME TAX FILINGS
This past March 31st, the Ministry of Economy and Finance of the Republic of Panama issued Executive Decree No. 110 of 2021, by means of which it extends the deadline for the filing of income tax returns corresponding to the 2020 fiscal year.
Taxpayers will have until Ma...
ALERT: DATA PRIVACY LAW IS EFFECTIVE AS OF TODAY IN PANAMA
Today Monday March 29, 2021, Law 81/2019 for the Protection of Personal Data is entering into force in the Republic of Panama. This Law applies to all individuals and legal entities from public or private sector, profitable or non-profitable, handling sensitive dat...
PANAMA RULES TELEMEDICINE
Aiming to reduce the primary attention health system’s congestion and monitor patients remotely, the Government recently enacted the Law No. 203, which establishes guidelines for the development of Telehealth in Panama, coming into effect next June 18, 2021.
T...
PANAMA LEGAL TASK FORCE COVID-19 UPDATE #26 - PANAMA ORDERS NEW MEASURES FOR COVID-19
The National Government modified mobility restrictions in the country, authorizing a progressive opening from Thursday, January 14, 2021, as follow:
Daily curfew is established from 9:00 p.m. to 4:00 a.m.
Mandatory lockdown on weekends from Friday, January ...
PANAMA LEGAL TASK FORCE COVID-19 UPDATE #25 - PANAMA ORDERS A NEW LOCKDOWN
The Panamanian authorities decided to tighten health measures in an attempt to control the escalation of daily COVID-19 contagions that weekly adds up to 20,000 new cases.
Thus, total lockdown is decreed, without labor, from 7:00 pm from 31 December 2020 to 4 January 202...
PANAMA CREATES ENTREPRENEURSHIP COMPANIES
For entrepreneurship supporting, the Republic of Panama through Law 186 of December 2, 2020 creates a new legal entity called Entrepreneurship Company.
This new vehicle is intended for those starting a business under less complex corporate structures. Also, benefici...
PANAMÁ ENACTS LAW FOR THE REDUCTION OF SINGLE-USE PLASTICS
As of today, the Law Nº 187 of December 2, 2020 comes into effect, establishing the reduction and progressive replacement of single-use plastics, placing Panama as a regional pioneer in the environmental protection field.
This Law is applicable to all individuals an...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #23 -- RESTAURANTS OPEN IN PANAMA
The National Government enacted the Resolution Nº 902 of September 24, 2020, to authorize the recovery, operation, and mobilization of the following economic activities, as of today Monday, September 28:
Restaurants and kiosks
Shopping malls and face-to-face reta...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #22 -- SANITARY MEASURES TO ENTER PANAMA
By means of the Executive Decree Nº1089 of September 23, 2020, new measures for the entry of nationals, residents and foreigners in the Republic of Panama have been established for the duration of the State of Emergency.
From today, the mandatory 14 days isolation a...
THE PANAMA CANAL BIDS THE WATER SYSTEM MANAGEMENT
The Panama Canal has announced the start of the prequalification process for those interested in participating as proponents in the tender for the design, construction, and execution of the water management system. This process aims to ensure water supply for both Canal operation...
PANAMA SEEKS TO CREATE A SPECIAL REGIME FOR MANUFACTURING COMPANIES
Panama has enacted Law 159 of August 31, 2020, which created a new special regime for attracting investment by promoting the establishment and operation of multinational enterprises for the provision of manufacture-related services (“EMMA”, as per its acronym in ...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #21 -- PANAMA REOPENING MORE ACTIVITIES
The Government of Panama launched a calendar for the gradual release of restrictions for commercial, sports and social activities, as follows:
Reopening is pending with no schedule date for: Schools, Universities, Nurseries and Day Care centres, Gyms, Cinemas, Casinos, Museums...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #20
The National Government, by means of the Executive Decree Nº 314/August/2020, has modified regulations regarding leases and eviction procedures during the State of Emergency. The official mandate is summarized as follow:
Rental payments could be deferred until two mont...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #19
By means of the Law Nº157 of August 3, 2020, temporary measures for the preservation of employments were enacted by the Ministry of Labor to support employees that were suspended during the State of Emergency.
This Law is applicable to companies which have totally or partia...
PANAMA - FISCAL PROVISIONS ENACTED IN 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 th...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #18 NEW MEASURES ESTABLISHED DUE TO COVID-19
As a result of the increase in infection rates, confinement measures for 5 of the country's 10 provinces have been tightened. Thus, for Panama, Panama West, Colón, Chiriquí and Bocas del Toro has been decreed total quarantine, that is, absolute prohibition to ...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #17 BACK TO CURFEW
The Panamanian Government has resumed mandatory quarantine in the two main provinces of Panama with the aim of reducing mobility to 50%; thus, from today Monday, June 8, women and men will move on different days, only 2 hours per day, prohibiting absolute circulation on we...
PANAMA: DIRECTORATE GENERAL OF REVENUE EXTENDS FILING TERM FOR CERTAIN REPORTS
By means of Resolution 201-2722 of May 20, 2020, the directorate General of Revenue of the Ministry of Economy and Finance of Panama extended for an additional month, until July 31st, 2020 the term for filing the report of non-declaring taxpayers, the credit card sales report and...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #16 RELIEF MEASURES GRANTED
By means of Executive Decree No. 145 of May 1st, 2020 is ordered:
Suspension of the processes of launch and eviction of properties intended for housing, professional, commercial, and industrial use, without distinction of the rental fee, for the duration of the State of Nation...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #15 - EXTRAORDINARY PROCEDURES TO IMPORT MEDICINES HAVE BEEN DECREED
The National Directorate of Pharmacy and Drugs of the Ministry of Health have adopted temporary procedures for the duration of the Estate of Emergency, summarized as follow:
Documents required for importation of pharmaceutical products could be presented without respective ...
PANAMA: GENERAL DIRECTORATE OF REVENUE ENABLES NOTIFICATIONS BY E-MAIL
Putting in practice what is established in Article 6 of Law No. 134 of 2020, which modified Article 101 of the Tax Procedure Code (“TPC”), the Directorate General of Revenue of the Ministry of Economy and Finance of the Republic of Panama (“DGI”, as per it...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #14 - EXTENSION FOR LABOR CONTRACTS INTERRUPTION
The Ministry of Labor has automatically extended for a 30 days period, the suspension of labor contracts of companies which have been shut down by the National Government.
On the contrary, companies that have closed due to the shutting down of other businesses shall request ...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #13: NEW EXTRAORDINARY MEASURES
The Social Security Agency has extended the suspension of the judicial terms of the coercive jurisdiction and the legal terms of all administrative proceedings until May 15, 2020.
The Colon Free Zone has announced the suspension of the payment for the leases of April, May and ...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #12 : EXTENSION FOR ADMINISTRATIVE PROCEDURES
Panamanian authorities extend the duration of Operation Licenses issued by the General Dictatorate of Medical Devices of the Ministry of Health which have expired from January 1, 2020.
A term extension until July 15, 2020 is granted to present Transfer of Movables and Provisio...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #11 TAX INCENTIVES PER DONATIONS
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 imp...
PANAMÁ - MEMORANDUM ON THE LAW THAT CREATES A PRIVATE AND UNIQUE SYSTEM OF REGISTRATION OF FINAL BENEFICIARIES OF LEGAL ENTITIES
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 a...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #10 MORE MONEY FOR PROCUREMENT
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 th...
PANAMA IMPLEMENTS SYSTEM TO PROTECT THE PRIVATE INFORMATION OF FINAL BENEFICIARIES OF LEGAL ENTITIES
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 ...
PANAMA LEGAL TASK FORCE COVID-19 - UPDATE #9
The Panamanian Government has tightened mandatory quarantine throughout the national territory to reduce mobility by 50%; thus, from Wednesday, April 1, women and men will move on different days, prohibiting absolute mobilization on Sunday. We summarize the official mandat...
PANAMA ADOPTS TAX MEASURES DUE TO COVID-19
In relation to the state of emergency declared by the Government of Panama, Law No. 134 of 2020 (“Law 134”) was enacted, bringing forward the entry into force of two articles of the Tax Procedure Code, allowing the Executive Branch to suspend totally or partially the ...
PANAMA LEGAL TASK FORCE COVID19 - UPDATE #8
At Arias Panama we have created an interdisciplinary task force that is monitoring and informing about measures taken by the Government to mitigate the impact of COVID-19.
By means of Letter No. 001 / DNDM / 2020 of March 23, the Directorate of Medical Devices of the Ministry of...
PANAMA DECLARES TOTAL QUARANTINE COVID19 - UPDATE #7
Tonight, the Government of the Republic of Panama has ordered mandatory quarantine throughout the Panamanian territory. In other words, movement restriction is applicable to the entire population, who may circulate exclusively to purchase food and / or medicines for a maximum per...
PANAMA LEGAL TASK FORCE COVID19 -UPDATE #6
At Arias Panama we have created an interdisciplinary task force that is monitoring and informing about measures taken by the Government to mitigate the impact of COVID-19.
The Government of Panama by Decree N° 505 has extended the national curfew so, as of today, March 24, t...
GOVERNMENT OF PANAMA EXTENDS TERM OF TAX AMNESTY
Law 99 of 2019 (“Law 99”), which granted a general amnesty for the payment of taxes administered by the Directorate General of Revenue of the Ministry of Economy and Finance (“DGI), was modified by means of Law 134 of March 20, 2020 (“Law 134”), exte...
PANAMA ALLOWS BUSINESSES TO SUSPEND EMPLOYMENT CONTRACTS COVID-19 - UPDATE #5
By Decree No. 81 of 20 March, the Government of Panama issued extraordinary measures to allow for labour contracts to be suspended due to force majeure as a result of the COVID-19 health crisis.
The suspension may be applied by already shut-down businesses, after obtaining...
PANAMA CLOSES ALL BUSINESSES COVID-19 - UPDATE 4
A few hours ago, Panamanian national authorities by decree No 500 ordered shutting down all private companies and shops saved those industries and services of health or national priority.
This will be in forced at 11:59 pm today.
It is added to the curfew that prohibits circula...
PANAMA INCREASES MEASURES TO PREVENT COVID-19 CONTAGION UPDATE 3
Panamanian national authorities yesterday decreed mandatory measures for all companies with the aim of mitigating and controlling the spread of COVID-19:
A curfew is decreed throughout the country from 9:00 pm to 5:00 am.
Workers aged 60 years and over, those who suffer from ...
SUPERINTENDENCE OF BANKS OF PANAMA CREATES MODIFIED CREDITS DUE TO COVID-19
Through Banking Agreement 002-2020 of March 16, 2020 (the “Agreement”), Panamanian Superintendence of Banks (“SBP”) establishes additional, exceptional and temporary measures for compliance with the provisions contained in Agreement 4-2013 (“Agreemen...
THE GOVERNMENT OF PANAMA DECREES STATE OF NATIONAL EMERGENCY DUE TO THE CORONAVIRUS
As a result of the spread of the COVID-19 coronavirus and in line with global measures, the government of Panama decreed a State of National Emergency to adopt actions that facilitate resource against the spread of the virus in Panamanian territory, impacting the following:
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PANAMA APPROVES REMOTE WORKING LAW
By Law No. 126 of February 18, 2020, the Republic of Panama approves the remote working Law.
The teleworking contract implies the development of the usual tasks to be carried outside the company's facilities and must contain the minimum requirements established in the Labor ...
PANAMA MODIFIES INCENTIVES FOR TOURISM ACTIVITIES
By means of Official Gazette No. 28,932-A, Law 122 of 2019 (“Law 122”) was enacted, modifying Law 80 of 2012 (“Law 80”), which sets out incentive provisions for the promotion of touristic activities in Panama.
Law 122 modifies article 9 of Law 80, b...
PANAMA FURTHER EXTENDS FILING DEADLINE FOR COUNTRY BY COUNTRY REPORT
On January 31st, 2020, Official Gazette No. 28952-A enacted Resolution No. 201-1035, issued by the Directorate General of Revenue of the Ministry of Economy and Finance ("DGI" as per its abbreviation in Spanish), which extends until February 15th, 2020 the deadline for ...
PANAMA - CONSUMERS MAY PAY CASH TO RIDESHARING COMPANIES
Recently, the Supreme Court of Justice of the Republic of Panama issued a ruling in which it declared void for illegal the prohibition of the payment in cash for the transport services offered through ridesharing companies. This prohibition had been established in 2017 through Ex...
PANAMA INCREASES NATIONAL MINIMUM WAGE
Today December 31st, the Panamanian Government set the new Minimum Wage, which will take effect beginning on Wednesday, January 15, 2020.
This represents an increase of 3.3% (average) resulting in US$ 3.38, US$ 3.58 and US$ 4.67 per hour for the more costly activities. Thus...
PANAMA EXTENDS FILING DEADLINE FOR THE COUNTRY BY COUNTRY REPORT
On December 27th, Official Gazette No. 28929 enacted two Resolutions issued by the Directorate General of Revenue of the Ministry of Economy and Finance ("DGI" as per its abbreviation in Spanish), both dated December 19th, 2019. Resolution No. 201-9116 extends the filin...
PANAMA REGULATES LAW TO PROVIDE EQUAL OPPORTUNITIES FOR PEOPLE WITH DISABILITIES
In recent days, the Executive Decree N°333 of December 5, 2019 was enacted to regulate the Law N°15 of May 31, 2016, which provide equal opportunities to people with disabilities in the Republic of Panama. This regulation aims for the accessibility in public and private a...
GOVERNMENT OF PANAMA DECREES TAX AMNESTY
By means of Law 99 of October 11th, 2019, a general tax amnesty for the payment of taxes administered by the General Directorate of Revenue (“DGI” by its acronym in Spanish) was approved in Panama until February 29th, 2020.
According to the supporting documents for...
PANAMA RULES THE PUBLIC-PRIVATE PARTNERSHIP (PPP)
Finally, Panama has created the Public-Private Partnership Regime as a mechanism to encourage private investment and employment, following the steps of most of the countries in the region.
Public-Private Partnership known as PPPs, is a modality that adds up private capital, ho...
PANAMA - SUPERINTENDENCE OF BANKS UPDATES PROVISIONS ON CORPORATE GOVERNANCE
On August 13th, 2019, the Superintendence of Banks of Panama issued Agreement 008-2019, by means of which the provisions on Corporate Governance are updated, hereinafter the Agreement.
The Agreement establishes that the general license Banks must designate at least 30% of wome...
PANAMA - NEW BIDDING RULES FOR THE SHORT-TERM PURCHASE OF POWER AND ENERGY
By means of the Resolution AN N°15540 of July 17, 2019, The National Authority of Public Services-ASEP compelled The National Electricity Transmission Company, ETESA, to recalculate the requirements for a neutral contracting level of 95% in the first two years and 90% in th...
PANAMA BIDS NEW ELECTRICITY TRANSMISSION LINE
The Panamanian Official Transmission Company (ETESA) is calling for a Public Bid for the Supply, Assembly, Management and Operation of a 230 Kw Electricity Transmission Line from Sabanitas to Panama III. This infrastructure has an estimated budget of 98 million dollars, approxi...
PANAMA - BANNING THE USE OF PLASTIC
In order to fight pollution of the oceans, Panama adopted the UN recommendations by passing, last year, Act 1 of 2018, becoming the first country in the region to approve measures against the use of plastic bags.
This law granted a year and a half for the necessary adjustments...
PANAMA - NEW TRANSMISSION LINE IN PANAMA
New opportunity for the new Transmission Line in Panama
The disqualification of the two proponents due to failure in complying with the minimum mandatory requirements, added to the lack of proposals from the other three prequalified companies, has opened to new investors, the ...
PANAMA - NEW DUE DILIGENCE RULES FOR BANKS AND FIDUCIARY COMPANIES ARE ESTABLISHED
By means of Agreement No. 0002-2019, the Banking Superintendence of Panama modified Agreement No. 10-2015 on the prevention of improper use of banking and fiduciary services. The new Agreement includes certain additional requisites which banks and fiduciary companies must take ...
PANAMA - BIDDING FOR THE PURCHASE OF ENERGY AND POWER
By means of the Resolution N° 4257 of April 8th, 2019, the National Secretary of Energy made strong recommendations to the National Electricity Transmission Company (ETESA), regarding the preparation and submission of the Bidding Papers for a short-term purchase of energy a...
PANAMA RULES PERSONAL DATA PROTECTION
The protection of personal data is considered a fundamental right of the human being and his dignity. This right protected by article 29 of the Politic Constitution of the Republic of Panama. Also, the American Convention on Human Rights-ratified by Panama-establishes in Articl...
PANAMA - TERM FOR REAL ESTATE PROPERTY TAX MORATORIUM IS EXTENDED
By means of Law 79 of March 20th, 2019 (Law 79), the National Assembly approved an extension of six months to the term for applying the Real Estate Property Tax moratorium that was originally established by article 15 of Law 66 of 2017, extending it until June 30th, 2019. Said ...
PANAMA INTENTS TO RAISE TAX ON SUGARY DRINKS
Last Wednesday, Panamanian Congress approved Bill #570 that would create a tax applicable to local and foreign manufactured sugar beverages at a rate of 8%; and 10% for syrups and concentrates used in the production thereof.
Likewise, it is established that the earnings from t...
NEW LEGAL PRACTICE IN ARIAS PANAMA
Arias Panama, a Panamanian office of the leading Central American Law Firm Arias, due to a newly approved bill, announced that has opened a data protection and privacy practice, led by Managing Partner Siaska SSS Lorenzo.
The firm announced on Feb. 1st that the incoming Panama...
PANAMA - CRIMINALIZES TAX EVASION BEHAVIORS
On January 31st, 2019 the President of the Republic of Panama sanctioned the Law 70 that adds Chapter number twelve "Crimes against the National Treasury" to Title number seven of the Criminal Code (the "Law"), which grants the Panama Tax Authority the faculti...
PANAMA - INSURANCE BROKERS FEES WILL BE DISCLOSED
By means of various Resolutions issued in 2018 by the Superintendency of Insurance and Reinsurance of Panama, it is ordered to insurance companies in Panama to include in individual and group insurance policies the percentage of fees or commissions, the refunds, as well as any ...
PANAMA OPENS A PRE-QUALIFICATION PROCESS FOR A TRANSPORT BY CABLE CAR
One of the most populous districts of the country has made a call to tender a massive passenger service through aerial cable.
The operation will be given by concession and the call is for the prequalification of the interested parties.
Among the details of the project, it is ...
ARIAS PROMOTES NEW PARTNER IN PANAMA
As of January 2019, María Cristina Fábrega from Arias Panama has been promoted to Partner, recognizing her professionalism, experience, knowledge and commitment to both the Firm and her clients.
María Cristina has a Degree in Law and Political Science from S...
PANAMA LAUNCHES A TENDER PROCESS TO INCREASE CAPACITY OF THE EXISTING 230 KV TRANSMISSION LINE "PANAMÁ II-CHEPO-BAYANO"
Given the increase of energy demand in the metropolitan area of Panama, that concentrates the vast majority of energy consumption in the country, and to increase the reliability of the existing 230KV transmission facilities of the line Panamá II-Bayano, the Panamanian go...
ESTABLISHMENT OF CHINESE MULTINATIONAL COMPANIES IN PANAMA
Given the recent bilateral relations between the People's Republic of China (PRC) and the Republic of Panama, which has led to four rounds of negotiation aiming to a Free Trade Agreement, and to visits of the Presidents to each other's countries, we believe it is import...
PREQUALIFICATION OF THE 4TH ELECTRIC TRANSMISSION LINE IN PANAMA
Panama opens the prequalification proceedings for the Construction of the 4th Electric Transmission Line
Panamanian project Chiriquí Grande - Panama III 500kV aims to increase the capacity of the transmission of high voltage electric power, that originates in the p...
PANAMA - ADJUSTMENTS IN THE REGULATION OF MEDICAL DEVICES
On April 23rd, 2018, the Ministry of Health issued Resolution No. 600, by means of which the previous Resolution No. 72 of February 9th, 2018 is repealed, in order to avoid confusion about the requirements and procedure for obtain an Operation License and the Technical Verifica...
ARIAS PANAMA ADVISED CINVEN ON THE SALE OF THE UFINET FIBER OPERATION IN PANAMA, AS PART OF THE SALE OF ITS ASSETS IN LATIN AMERICA
Cinven, a private equity firm, finally agreed to sell the Latin American operation to a Fund of its own and thus conserve the operation in Latin America.
Earlier, Arias has participated in the due diligence process and anticipates providing advice related to the execution, closi...
PANAMA - REGULATION FOR CONSIDERATION TRANSFER OF SHARES
The Ministry of Economy and Finance through Executive Decree No. 62 of May 28, 2018, has updated the rules for the transfer of securities issued by legal entities.
This update includes the regulation of the procedure that must be performed when transferring or selling shares, ...
PANAMÁ - PANAMANIAN CORPORATIONS TAX IDENTIFICATION
New procedure for obtaining Panamanian corporations tax identification number.
On March 9, 2018, the Directorate General of Revenues (DGI for its Spanish acronym) of the Ministry of Economy and Finance issued new parameters for the registration and obtention of the tax id...
PANAMA - DISCRIMINATORY ACTS ARE REGULATED AND PENALIZED
On February 14th, 2018, Law number 7 which adopts measures that prevents, prohibits and penalizes discriminatory practices went into effect. It aims to guarantee the human rights, dignity, respect and well-being of every man and woman of any age.
It defines the concepts of pes...
MINIMUM WAGE INCREASES IN PANAMA
After not reaching a consensus within the National Minimum Wage Commission formed by workers and employers, the Panamanian Government set yesterday December 26th, the new minimum wage that will take effect from Monday, January 1st, 2018 until on December 31st, 2019 (for tw...
PANAMA - SANITARY REGISTRY REGULTATION
On November 8th, through Executive Decree No. 331, the Ministry of Health modified the procedure to update existing health records. As of the date, the general rule is that all those modifications and notifications (e.g. change of manufacturer, commercial name of the product, a...
PANAMA REDUCES THE TERM OF TOURISM VISA
As of May 29th 2017, Panama has introduced a restriction on immigration legislation, specifically to limit tourist visas for some nationalities.
The general visa is for 180 days, however for nationals of Venezuela, Colombia and Nicaragua the tourist visa will have a maxim...
PANAMA ESTABLISHES A PATERNITY LEAVE
Panama finally joined most of the countries of the region, when this Thursday, May 25, 2017, by law 27 of 23 May 2017, creates a benefit for male workers whose partners gave birth a child.
The benefit that is known as paternity leave, is paid and is awarded to all workers, thi...
UPDATES ON TRUST REGULATIONS IN PANAMA
Law 21 of May 10th, 2017 establishes dispositions for the regulation and supervision of trustees and the trust business and issues other provisions that modify articles of the Fiscal Code, Law 47 of 2013 which adopts a custodial regime for bearer shares and Law 23 of 2015 on pr...
ARIAS ANNOUNCES A NEW PARTNER IN PANAMA
Arias, the firm of reference in Central America, are pleased to announce that Panamanian attorney Lisa Domínguez has joined as a partner in Arias Panama. Lisa has experience for more than two decades in the legal market, accompanied by an impeccable reputation. She will be...
TELEPHONE COMPANIES ARE PROHIBITED FROM SENDING PROMOTIONAL TEXT MESSAGES IN PANAMÁ
The National Public Services Authority (ASEP) has restated to all cellular operators that must eliminate unwanted commercial and promotional text messages received by Panama users, as this could violate the right to privacy. All information needed in Resolution AN No. 3887-Telco ...
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