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Panama establishes tax amnesty

Panama enacted Law 49 of 11 September 2018, which amends numeral 9 of Article 764 of the Panamanian Fiscal Code and Law 66 of 2017 to establish a tax amnesty program under which taxpayers may pay their past due property tax, social security contributions and franchise tax on or before 31 December 2018, without the imposition of fines, interest and surcharges.

With respect to social security contributions, the tax amnesty applies to independent contractors and employees who received salaries and professional fees. It also applies to defaulting employers.

Resolution No. 201-6219 of 13 September 2018, issued by the Panamanian tax authorities, establishes the procedure for qualifying for the tax amnesty program under Law 49 of 2018.

Taxpayers who might benefit from the tax amnesty should review the requirements before 31 December 2018.

EYG no. 011395-18Gbl

Download this Tax Alert as a PDF file.

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