Panama: Deadline Extended for Rent Payments

In order to give individuals and corporations the opportunity to catch up with this obligation interrupted by the pandemic, authorities extended until July 17 the deadline for declaring income tax payments.

Monday, May 18, 2020

The term to cancel this commitment with the Panamanian State expired on March 31, 2020, and an extension was added until May 30, given the circumstances with the effects of covid-19, the difficulties presented by many companies and the time needed by public accountants to submit such statements, explained the representatives of the General Directorate of Revenue (DGI).

Publio De Gracia, head of the DGI, said that "... The term to cancel this commitment with the Panamanian State expired on March 31, 2020, and an extension was added until May 30, given the circumstances with the effects of the COVID-19, the difficulties presented by many companies and the time needed by public accountants to submit such statements, a new deadline was set."

Regarding the collection and public expenditure, De Gracia added that "... if you do not have income as on this occasion, you have to resort to debt to cope with what the COVID-19 represents, where it is necessary to comply with the commitments that the State has to guarantee the welfare of the population. Such as the economic assistance programs: Angel Guardian, 120 to 65, Network of Opportunities, Universal Scholarship and electricity subsidy, among others that represent $1,600 per year."

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More on this topic

Payment of Taxes: Flexible Deadlines in Panama

March 2020

Extension of deadlines for the payment of taxes and flexibility in the submission of income tax returns by natural and legal persons are some of the measures that the authorities will implement in the context of the Covid-19 crisis.

With no details on the new deadlines that will be required of taxpayers, the Ministry of Economy and Finance (MEF) reported that the measures are contained in Executive Decree 252 of March 24.

Panama: Proposal to Suspend Tax Payments

March 2020

In view of the emergency arising from the spread of covid-19, a bill was submitted to the Assembly proposing a 90-calendar-day suspension of the payment of municipal and national taxes.

The initiative also establishes the suspension for 90 days of the payment of electricity and drinking water, as well as mortgage and personal loans, among others, reported the National Assembly.

Taxes: Moratorium Proposed in Costa Rica

March 2020

A three-month moratorium on the payment of value added taxes, business income and customs duties is the proposal of the Executive in view of the emergency caused by the spread of covid-19 in the country.

The initiative "COVID-19 Tax Relief Project", which was presented to the Legislative Assembly on March 16, proposes that taxpayers can postpone the payment of taxes for at least three months.

Panama: Increased Penalties for Tax Arrears

November 2014

At the end of the December 31, deadline to qualify for the current moratorium, a 10% surcharge will be incurred by those behind in the payment of taxes on income or property.

According to some taxpayers this measure represents a "... Disguised tax increase, which contradicts the promise made by President Juan Carlos Varela not to raise taxes, despite the existing fiscal deficit.

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