Tax Amnesty is approved in Panama for taxes administered by the DGI

Law 99, published in the Official Gazette on October 14, 2019, has approved the General Tax Amnesty for the payment of taxes administered by the DGI. Through it, an exceptional period is granted until December 31, 2019, in order for taxpayers to regularize their Transfer Pricing obligations, among other tax obligations, without paying fines.

The tax amnesty period is granted until February 29, 2020, subject to the following conditions:

1. If the payment is made in the month of October and November 2019, 100% of all interest, surcharges and penalties will be waived.

2. If the payment is made in December 2019, 95% of all interest, surcharges and penalties will be waived.

3. If the payment is made in the month of January 2020, 90% of the total interest, surcharges and penalties will be condemned.

4. If payment is made in February 2020, 85% of all interest, surcharges and penalties will be waived.

As indicated in its article 6, the deadline for submitting to the General Directorate of Income of the Ministry of Economy and Finance, exempt from their respective fines, is extended until December 31, 2019, the forms that had to be submitted until June 30, 2019 , corresponding to:

1. Donations report

2. Report of Unreported Taxpayers (NGO) – F27

3. Report Worksheet 03 – F3

4. Report on the Retirement Fund, pensions and other benefits – F40

5. Insurer report-certification of medical expenses by the insured – F41

6. Certificate of Interest on Residential Mortgage Loans without Prime Rate- F42

7. Report on Purchase and Imports of services – F43

8. Credit Card Sales Report (VTD) – F44

9. Transfer Pricing Report – F930

10. Affidavit of withholdings or remittances abroad presented by companies with an SEM license and by companies established in Panama – Pacific.

Therefore, if your company has not complied with its Transfer Pricing obligations corresponding to fiscal periods 2018 and prior, you have an excellent opportunity to regularize these tax obligations. If you have concerns or doubts on the subject, do not hesitate to contact us. We are TP Consulting Panama.

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