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Plans to Penalize Tax EvasionMonday, November 20, 2017 In Panama, a bill put forward by the Varela administration proposes that tax fraud of $300 thousand or more be classified as a criminal offense, and punished with 1 to 3 years in prison. The Ministry of Finance and Economy insists that the country is at risk of being included once again in the gray list of the Financial Action Group if tax evasion is not considered a crime. Panama is one of the few countries where tax evasion is not considered a criminal offense. Tax Reform Proposal in PanamaMonday, February 23, 2009 Lawyers, economists and tax specialists discuss this proposal, focused on the adoption of a "flat tax" to replace the current tax system. The proposal was initiated by Ricardo Martinelli, the presidential candidate that leads public opinion surveys regarding voting preferences, and, according to what was reported by Marianela Palacios in an article in Prensa.com, “[this proposal] implies a reduced ISR rate for the businesses of a current 30% rate to 10% or 15%, limits deductions and eliminates a series of subsidies and fiscal exonerations, even those banking-related." New Extension for Payment of Worker-Employer CuotaThursday, May 2, 2013 The Social Security Department in Panama is deferring for four months payments of the employer quotas. According to Roberto Troncoso, president of the Panamanian Association of Business Executives, the "moratorium by the Social Security Department (CSS by its initials in Spanish) creates a bad habit" among irresponsible employers. Panama: Increased Penalties for Tax ArrearsFriday, November 21, 2014 At the end of the December 31, deadline to qualify for the current moratorium, a 10% surcharge will be incurred by those behind in the payment of taxes on income or property. According to some taxpayers this measure represents a "... Resistance to Land Valuations in PanamaThursday, November 7, 2013 Business groups are working on the definition of an alternative to the Government's policy to value properties according to their commercial value. An article in Prensa.com reports that as an example José Luis Ford, president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap) noted that the position of the chamber is "to search for a more 'real' number, because the value used (commercial value for determining the registry value) does not match reality." |
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Saturday, January 16, 2021 - last update: Friday, 5:07 pm
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