Soft Drinks: Extension for Tax Payment

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.

Thursday, January 9, 2020

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. Due to these changes, the authorities decided to extend the deadline for filing this return, corresponding to the November 2019 period.

You may be interested in "Beverages: Consumer Trends and Preferences"

The resolution of the Directorate General of Revenue (DGI), published in the Official Journal of January 7, 2020, which grants an "... extension until Monday January 13, 2020 for the presentation of the Sworn Statement of Liquidation of the Selective Consumption Tax on Certain Goods and Services (form 400), corresponding to November 2019, in order to declare the sales made from November 1 to 18 with the 5% rate and from November 19 to 30 with the new 7% rate of the selective consumption tax on soft drinks ...".

The official document adds that "... Taxpayers who have already filed their Sworn Statement of Liquidation of the Selective Consumption Tax on Certain Goods and Services (form 400), corresponding to November 2019 with the 5% rate, are obliged to rectify it and declare the sales made under the same conditions described in the resolution ...".

See full resolution (in Spanish).

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Beverages: Taxes Still Not Reviewed

December 2019

As a result of the tax reform implemented in February 2019, Nicaragua tripled the tax burden on imports of all types of beverages, and nine months later, businessmen are still waiting for the government to review the collections.

On February 27, 2019, the amendment to the Tax Concertation Law was approved, which consisted of raising from 1% to 2% the income tax for medium sized companies with higher income, and for large taxpayers from 1% to 3%, the livestock sector has reported considerable increases in its production costs.

Tax on Sugary Beverages Rejected

November 2019

Panamanian industrialists consider that the approach under which the new tax of 7% on carbonated beverages and 5% on other sugary beverages was defined uses discriminatory fiscal measures.

On November 18, Law 114 was published in the Official Journal, entitled "What creates the Action Plan to Improve Health and dictates other provisions to establish the selective tax on the consumption of sugary beverages and the criteria for its use", which stipulates a 7% tax on carbonated beverages, 5% for other sugary beverages and 10% for syrups, and sugar concentrates for the production of sugary beverages.

Sugary Beverage Tax Applicable

November 2019

A law was published in the Official Journal of Panama that establishes a 7% tax on carbonated beverages, 5% for other sugary beverages and 10% for syrups, syrups and concentrates for the production of sugary beverages.

On November 18, Law 114 was published in the Official Journal, entitled " What creates the Action Plan to Improve Health and dictates other provisions to establish the selective tax on the consumption of sugary beverages and the criteria for its use."

More Taxes on Sugary Beverages

October 2018

In Panama, a proposal is being discussed that seeks to increase from 5% to 8% the Selective Consumption Tax on soft drinks, carbonated beverages, processed juices and other sugary beverages.

Laestrella.com.pa reports that "... The vice president of Corporate Affairs of the National Brewery, and representative of the Industrial Union of Panama (SIP), Juan Antonio Fabrega, warned last Tuesday that jobs generated by the industry of sugary beverages could be reduced, if the Selective Excise Tax is increased from 5 to 8%, as established by Law 570, which will be discussed today in the first debate in the Economy and Finance Commission of the National Assembly."

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