Tax Amnesty Proposed in Panama

A bill intends to give taxpayers the opportunity to get in order tax payments owed due to errors or inaccuracies up to the fiscal year 2011.

Friday, August 23, 2013

A press release from the Ministry of Economy and Finance of Panama reads:

The Government will provide an opportunity for taxpayers to manage their tax obligations with the National Revenue Authority (ANIP), which occurred due to inaccuracies or errors, exempting them from liability for such acts up to the fiscal year 2011, presented the head of the Ministry of Economy and Finance (MEF), Frank De Lima, by a bill before the full National Assembly.

The proposal of the Minister of Economy and Finance, seeks to give taxpayers the opportunity to rectify and regularize their status in cases where, because of errors in statements of income or inaccuracies in the documentation, and in which more than three fiscal years may have passed, taxpayers have failed to comply with the payment of their taxes.

More on this topic

Tax Amnesty in Panama

March 2020

The National Assembly of Panama approved in second debate the draft law that extends the period of tax amnesty until June 30, 2020.

The initiative proposes that up to 85% of the total interest, surcharges and fines be recognized if payment is made after February 29, 2020 until June 30 of the same year, so that taxpayers may proceed to make their corresponding payments or credits.

Panama Approves Tax Amnesty Act

September 2013

Congress has approved giving amnesty to tax debtors and extended to $80 thousand the ceiling for housing loans with preferential interest rates of 4%.  

A press release from the Ministry of Economy and Finance of Panama reads:

The National Assembly approved on the third reading, Bill numbers 627 and 628, the first of which grants taxpayers the opportunity to regularize their tax obligations with the National Revenue Authority (ANIP), while the second, amends Article 5 of Law No. 3 of 1985, which establishes a preferential interest rate on certain mortgage loans.

Liquor Consumption Tax Approved in Panama

August 2013

The collection of excise tax on liquor will be made effective by the National Revenue Authority (ANIP) and the National Customs Authority.

From a press release issued by the National Assembly of Panama:

With 41 votes in favor, one against and zero abstentions, the plenary of deputies of the National Assembly approved on its third reading bill 619, amending Article 7 of Law 45 of November 14, 1995, concerning a selective consumption tax on alcoholic beverages.

Reforms to the Costa Rican Tax System

August 2011

The reforms include provision for a fine for non payment of partial income taxes, facilitation of tax refunds, and streamlining of tax collections on luxury homes.

The Legislature has approved the "Project for urgent reforms of the tax administration", the first of the proposals included in the tax reform promoted by the Chinchilla administration in the package entitled "Solidarity Tax Act."

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