Public Limited Companies: Penalties for Late Payments

In Panama, the General Revenue Directorate (DGI) announced that it will suspend corporations that for the term of three consecutive years or more, have not made the payment of the single tax.

Wednesday, March 17, 2021

According to the General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF), the authorities are currently updating the list of legal entities in arrears for three consecutive years or more in the non-payment of the single tax, pursuant to the provisions of Article 318-A of the Tax Code.

Check out the "System for monitoring markets and economic situation in the countries of Central America", prepared by CentralAmericaData.

Elcapitalfinanciero.com reviews that "... the list of defaulters in the payment of the single tax will be published in the Official Gazette and communicated to the Public Registry of Panama so that the corporate rights of the legal entities are suspended."

The article adds that "... it is warned that, in case of being in this list, the taxpayer must pay a fine of $1,000, cancel the delinquent amount, plus the registration fees in order to have the option to recover the corporate right."

Reports from the General Comptroller's Office detail that between 2019 and 2020, the number of corporations registered in Panama decreased by 3,817, going from 13,775 to 9,958, which is equivalent to a 28% decrease.



More on this topic

Costa Rica: Law for Corporate Income Tax Return

November 2020

The Legislative Assembly is preparing to consider, in the first debate, a bill aimed at exempting inactive companies from the obligation to file an income tax return.

The file of this legislative proposal is number 22,307 and was presented by Deputy Pablo Heriberto Abarca. The initiative will be discussed in the Assembly, despite the opposition of the Ministry of Finance.

Dissolved Companies Can sell Their Goods

September 2017

Companies that have been dissolved by the National Registry of Costa Rica for being delinquent in the payment of the tax to legal entities can liquidate their assets, despite being inactive.

The National Registry clarified that the assets of the 265 thousand companies that were dissolved were not canceled, what remains in relation to them are collateral goods or mortgages, which means that the owners can dispose of them by means of a process of liquidation.

Costa Rica: Return of Corporation Tax

April 2015

With the new bill the aim is to redeploy the payment of corporation tax, which was declared unconstitutional and suspended in January.

The new initiative seeks to resurrect the creation of the tax, fees and penalties, redefining the criteria for their application. However, there are Members who do not support this measure, who assert that is mostly affects small and medium enterprises.

Corporations Tax

July 2012

The deadline for dissolution of corporations so as not to be taxed this year has passed; those who have not done so can start the process now in order to be exempt from future taxes.

Any legal entities that are dissolved from now on will have to pay the tax for the year when they begin the process of dissolution.

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