The ABC of the Tax Amnesty in Panama Law 99 of 2019

With this new legal initiative, the taxpayers have the opportunity to clear tax debts without interests, surcharges and fines and to file forms past due without penalties.

Taxes included          

Those managed by the Revenues General Directorate

 

 

What does the tax amnesty refer to?          

• Condonation of:
• Interests
• Surcharges
• Fines 

Tax Amnesty Term   

If paid	Condonation %
by Nov 30	100%
By Dec 31st	95%
By Jan 31st	90%
By Feb 28th	85%

 

Reports due to the DGI can be filed until Dec 31st, 2019 without triggering a fine:

• Donations Report
• NGO´s Report
• Form 03
• Form 40 on Retirement Fund
• Form F-41 insurance companies
• Form 42 interests certification
• Form 43 Purchases Report
• Credit Cards sales Report F-44
• F930 Transfer Pricing Report
• Remittances Abroad Report for SEM and Panama Pacifico Companies.
• Others which establish a fine for late filing 

Payment Arrangements       

Apply with the payment of 25% of the debt and the remaining portion is cancelled no later than June30th of 2020 and the % of interests, surcharges and fines condoned depends on the month the payment arrangement is executed. 

Use of the Benefit in the Law

The interested party must communicate his interest either in person, through a POA or by means of the eTax2.0.