Tax Amnesty Approved in Panama

For interest, penalties or surcharges to be 100% forgiven, taxpayers will have until November 30, 2019 to pay their overdue taxes.

Friday, September 27, 2019

On September 26, the National Assembly approved Bill 78 of 2019, which aims to exonerate from interest, surcharges and fines of taxes that are delinquent and owed by taxpayers.

The Assembly's statement explains that "... It is important to note that the tax amnesty period is granted until February 29, 2020, subject to the following conditions: if payment is made in October and November 2019, 100% of all interest, surcharges and fines will be waived; if payment is made in December 2019, 95% will be waived.
If it takes place in January 2020, 90% will be waived and for those who make it effective in February 2020, 85% of all interest, surcharges and fines will be waived.
 
By means of the regulations, it is intended to regularize natural and legal persons in arrears, many of whom were affected in recent years as a result of the economic recession.
"

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More on this topic

Fiscal Amnesty in Costa Rica: How will it be?

November 2018

The tax reform law that would be approved in second debate in the coming weeks, involves the exoneration of arrears and penalties for taxpayers who pay their debts in the first three months after the publication of the law.

The proposed measure consists of exonerating 100% of the interest on arrears and up to 80% of the penalty to taxpayers who pay in the first month after the Law is published in the official newspaper La Gaceta.

El Salvador: Tax Amnesty for 90 Days

October 2017

The Legislature has approved the exempt from fines, interest and surcharges to those who are behind in the payment of tax and customs obligations, for a term of three months.

From a statement issued by the Legislature:

In order to allow people who owe this tax to regularize their situation without acruing interest or surcharges, the Legislature has authorized the issuance of the Transitory Law to Facilitate Voluntary Compliance with Tax and Customs Obligations. The effects of this measure will be effective within a period of three months from its entry into force.

Tax Regularization in Panama

September 2013

The National Revenue Authority plans to raise $400 million from taxpayers who will be allowed to regularize their tax status under the Tax Adjustment Act.

Prensa.com reports that "In addition to the so-called regularization or tax amnesty, the law establishes a moratorium for taxpayers who are delinquent in any taxes administered by the Anip.

Exemptions of Fines, Interest and Penalties in Guatemala

June 2013

The amnesty includes those who owe taxes for tax periods prior to 1 January 2012.

S21.com.gt reports that "this measure is complementary to the cancellation of 10% in tax payments and 50% reduction in the circulation tax".

"It was clear they had to agree to the waiver.

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