How is the new tax amnesty update 2021

How is the new Tax Amnesty in Panama

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Through Law 208 of 2021, Law 99 of 2019 has been modified, which is related to the Tax Amnesty for the payment of taxes in Panama.

On this occasion, it is a Tax Amnesty to which taxpayers, be they natural and legal persons, as well as real estate that owes taxes, fees, and special contributions due and delinquent as of January 31, 2021, can avail themselves.

On the other hand, the possibility of being able to carry out payment arrangements with the General Directorate of Revenues is opened again; Even if you have a prior payment arrangement, you can withdraw from it and avail yourself of a new payment agreement as long as you pay 25% of the nominal tax owed, in which case the Panamanian State forgives you 85% of the total interest surcharges and fines. It should be noted that any payment arrangement made at this time must be paid in full by December 31, 2021.

Corporations, limited liability companies, private interest foundations, and other legal structures that must pay the franchise tax annually, can take advantage of this new tax amnesty in order to pay their surcharges and fines, which are due as of January 31 from 2021, with an 85% discount to them.

We invite our clients to get up to date with their tax obligations, taking advantage of the discounts and payment agreements that the national government has approved.

For any questions that you have in relation to this new Tax Amnesty, do not hesitate to contact us.

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