Tax Moratorium in Panama

A bill submitted by the Executive would allow debtors to pay outstanding balances on any tax owed without interest or penalties from the day following the enactment of the law until December 31st.

Friday, October 3, 2014

The government has introduced a bill that aims to recover about $1.2 billion in unpaid taxes.

The Minister of Economy and Finance, Dulcidio De La Guardia, told Prensa.com that "... people who have disputes with the Directorate General of Revenue (DGI) are eligible for this moratorium, except those accused of tax evasion."

He added that "...With this initiative, the government hopes to raise incomes and reduce the fiscal deficit at the end of the year... Usually just under 10% of the amount owed is recuperated. 'If we reach that number we would be pleased' he said. "

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Tax Moratorium Approved in Panama

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Once it has been enacted by the executive, the moratorium law will be in effect until the last working day of the year and can be exercised by taxpayers who are in arrears up until September 30, 2014.

The law which provides exemptions from penalties, interest or fines was approved on its third reading by the National Assembly of Panama and will become effective one day after its enactment.

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