Panama: Proposal to Suspend Tax Payments

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.

Tuesday, March 17, 2020

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.

The initiative also provides for the cessation of the collection of employer's social security contributions.

The document that was presented to the National Assembly states that "... it seeks to rationalize hygiene and cleaning products, and also adopts measures of flexibility with private and state banks."

In CentralAmericaData we prepared the interactive report "Business Outlook: Impact of the Coronavirus on Business Sectors", to help you to prepare and answer questions such as:

How and how much will my company be affected? How much will the decrease in consumption impact on my activity? How much could the demand for my products and services fall in the medium term? Which sectors are most at risk of registering strong falls in their sales? How many of my clients and suppliers could face difficulties?

Interactive report, available online. Delivery in 24 hours.

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In order to tax the total amount of profits of individuals or corporations based in Costa Rica, regardless of where their profits are generated, a bill was submitted to the Assembly that seeks to amend the Income Tax Law.

Currently in Costa Rica a territorial income system is applied, which consists of taxing profits produced exclusively at the local level. If the Income Tax Law is modified, the situation could change.

Payment Suspension: Controversy in Panama

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As a result of the economic effects that the outbreak of covid-19 will cause in the National Assembly, a general suspension of the payment of taxes, basic services and bank credits for three months is proposed, but the businessmen think that it is not suitable to generalize the measures.

Bill No.

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.

Moratorium on Payment of Property Tax Extended

August 2018

In Panama, the National Assembly has approved extending until December 2017 the moratorium on the payment of real estate taxes, which also extends to interest, fines and surcharges generated by the non-payment of the single rates for private interest companies and foundations.

From a statement issued by the National Assembly:

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