Panama: Change in Income Tax Payments

Given the failure of the monthly payment system, income tax payments will be made in three installments a year and will be calculated using estimates.

Tuesday, July 3, 2012

According to an article in "With this move the government recognizes the failure of an unwieldy mechanism and that has not generated the expected revenues. Tax consultant Osvaldo Lau said that ‘the aim was to improve cash flow, but the exercise failed, because the absolute value of tax revenues did not meet expectations. '"

The new system will apply from September.

The president of the Chamber of Commerce, Irvin Halman said it is not convenient to modify tax regulation often, while the former president of the Union of Small and Medium Enterprises, Elsa Guanti, indicated that they preferred the monthly payment system, "it is not the same paying $500 as it is paying $50 every month. "

More on this topic

Panama: Tax Rule Declared Unconstitutional

January 2013

The Office of Administration agreed with the Chamber of Commerce in pointing out the unconstitutionality of the change in the method of paying income tax.

According to the Administration Office of Panama, the way that the regulation is applied does not meet public order reasons.

Panama’s Revenues Grow

April 2012

The amount collected by the State of Panama during the first three months of 2012 was what was budgeted, exceeding the expected amount by 5%.

From a press release from the Ministry of Economy and Finance of Panama:

Current revenue during the first quarter of 2012 amounted to $1.5495 billion, exceeding the amount budgeted by $73.6 million (5%) and the results from the same period in the previous year by $294 million (23.4%), said the Deputy Finance Minister Mahesh Khemlani at a press conference.

Panama Failing to Meet Fiscal Deficit Target

November 2011

While legally the fiscal deficit may reach as high as 3% during 2011, the government had announced that it would not exceed 2%, which now looks impossible to achieve.

Tax revenues are not meeting the levels predicted at the beginning of the budget year, which seems likely to mean that Panama's fiscal deficit will go above the target of 2% of GDP set for the year

Reforms to the Costa Rican Tax System

August 2011

The reforms include provision for a fine for non payment of partial income taxes, facilitation of tax refunds, and streamlining of tax collections on luxury homes.

The Legislature has approved the "Project for urgent reforms of the tax administration", the first of the proposals included in the tax reform promoted by the Chinchilla administration in the package entitled "Solidarity Tax Act."

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