Payment of Taxes: Flexible Deadlines in Panama

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.

Thursday, March 26, 2020

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.

See "Coronavirus: How Will It Affect Business?"

The MEF's statement explains that "... It also authorizes the reduction of quotas and estimated income tax base, the extension of the deadline for tax benefits to small and medium sized companies and the suspension of tax holidays as a requirement for procedures."

The General Directorate of Revenue (DGI) also postpones the deadlines for the submission of tax compliance reports, as part of the Government's actions to deal with the present Health Emergency caused by covid-19, the document adds.

Coronavirus: How do the outlook change for businesses in Panama?

We prepared for our clients the report "Information System: Impact Analysis of Covid-19 on Business" that answers these and other questions in times of uncertainty.

Click here to request access to this report.

More on this topic

Taxes Going Up at the Worst Time

July 2020

Despite a severe economic crisis, Costa Rican authorities have approved the imposition of a 1% VAT on several foodstuffs in the basic food basket, and 4% on certain tourist activities and construction services.

Before the emergence of the pandemic, the Costa Rican economy was already in a difficult state, and the impact of the covid-19 outbreak ended up hitting it in the worst way, which is evident in the performance of productive activity.

Businessmen Take Action Against SAT

April 2020

Guatemala's private sector filed a legal action against the Superintendence of Tax Administration, arguing that the entity had indicated that it would defer tax collection if the restrictions remained in place, but did not do so.

Because of the outbreak of Covid-19 in the country, which as of April 15 counted 196 cases, for the time being the government has decided to maintain until April 19 the measures restricting freedom of movement, which includes the transit and movement of persons, crew, passengers and vehicles, in addition to the closure of most commercial establishments.

Tax Duties Deferred in Guatemala

March 2020

The Superintendence of Tax Administration declared the days between March 24 and April 14 as non-working days for the purposes of calculating the periods established in the tax legislation.

On March 24, Resolution of the Superintendence of Tax Administration Number SAT-DSI-280-2020 was published in the Official Journal, in which the days of March 24, 25, 26, 27, 30 and 31, 2020, and April 1, 2, 3, 6, 7, 8, 13 and 14, 2020, inclusive, were declared non-working days for purposes of deferring the computation of the terms established in the tax legislation and the internal administrative procedures of this entity.

Soft Drinks: Extension for Tax Payment

January 2020

Until January 13, 2020, the Sworn Declaration of Liquidation of the Selective Consumption Tax on Soft Drinks may be presented in Panama, corresponding to November 2019.

Law 114 dated November 18, 2019, which entered into force on November 19, 2019, establishes a new rate for the Selective Excise Tax on Soft Drinks, which is why the e-Tax 2.0 system was modified.

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