The initiative "COVID-19 Tax Relief Project", which was presented to the Legislative Assembly on March 16, proposes that taxpayers can postpone the payment of taxes for at least three months. During this period no fines or interest will be applied to those who take advantage of this moratorium.

A statement from the Ministry of Finance explains that the plan is to delay payment of "... income taxes, VAT and customs duties for companies and SMEs for a three-month period after the law comes into force. The amounts of the taxes corresponding to that period will have to be paid by the taxpayers before December 31st, without interest or fines."

Depending on the impact of the pandemic on the economy, the law would authorize the President of the Republic to extend the moratorium once for a month. The measure does not exempt taxpayers from any other tax obligation, the document states.

Another of the measures that the government would adopt is to significantly reduce the monetary policy handle to make credits cheaper and an insurance policy to allow the tourism sector to face the Coronavirus quarantines.

Do you need data to predict the impact of Coronavirus in your business sector? Contact Us.

Your message has been sent. We will contact you shortly.

Name*

Last Name*

Email:*

Telephone (Country):*

Company:*

Title:*

Size of the Company:* Choose one... Less than 100 employees Between 100 and 500 Between 500 and 2500 More than 2500

Industry:* -None- Agro Alimentos y bebidas Construcción e infraestructura Banca y finanzas Farmacéutica y salud Servicios Retail Automotriz Energía y minería Química y plástico Bienes Raíces Educación Bienes de consumo Industria y manufactura Transporte y logística Telecomunicaciones Administración pública

Yes, I want to receive a call from a salesperson*

Comments:*  

this site is protected by reCAPTCHA and Google's privacy policy and terms of service.

Need assistance? Contact us

(506) 4001-6423

More on this topic

Tax Amnesty: Law Sanctioned in Panama

April 2021

President Laurentino Cortizo sanctioned Law 208 of April 6, 2021, which extends until December 31 of this year the validity of the tax amnesty, which initially arose in 2019.

With this initiative of the Executive, enacted in Official Gazette and which is part of the Economic Recovery Plan (phase 1), taxpayers will have until August 31, 2021 to make payments or enter into payment arrangements with respect to tax obligations not fulfilled until January 31 of this year, official sources informed.

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.

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.

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.