Morgan & Morgan advised Grupo CAABSA in connection with the asset purchase acquisition of Soho Mall

Morgan & Morgan acted as local counsel to Grupo CAABSA, in connection with the asset purchase acquisition of Soho Mall, by a consortium group comprised of Mexican companies, i.e. by Grupo CAABSA and Grupo Citelis.  Grupo CAABSA is a Mexican business group, which is the operator of one of the main shopping centers in Mexico. Grupo Citelis, on the other hand, is an international theatre operator and owner of the reputable brand “Cinepolis”.

Soho Mall was included in May 2016, on the Clinton List by the Office of Foreign Assets Control of the US Treasury Department. Thereafter, the government of Panama intervened in the negotiations with the US Treasury Department to arrange a possible sale of such asset.

Our team dealt with important challenges in a transaction resulting from negotiations with the Panamanian government represented by Banco Nacional de Panama to complete the acquisition of Soho Mall, and with the US Treasury Department to complete the paperwork required to remove Soho Mall from the Clinton List.

Partner Ramon Varela, senior associate  Kharla Aizpurua Olmos, and associates Adolfo Campos, Pablo Epifanio, Ana Cristina Castrellon and Cristina De Roux, participated in this transaction.

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Morgan & Morgan gives speech at AmCham’s Taxation and Legislation Committee

On August 13, 2014, the Taxation and Legislation Committee of the American Chamber of Commerce of Panama (AmCham) held a meeting where Mr. Francisco Arias G., partner of Morgan & Morgan, talked about the “Real Estate Investment Company”.

Distinguished professionals from the real estate and audit fields were in the audience, such as KPMG, BDO, Deloitte and law firms such as Tapia Linares & Alfaro, Fabrega & Fabrega; Galindo Arias & Lopez, Sucre & Reyes, BDS Asesores, among others.

There were also present at the meeting lawyers Carlos Hoyos, Ivethe Vega, Adolfo Campos and Amanda Barraza, all associates of Morgan & Morgan.

El 13 de Agosto de 2014, se llevó a cabo la reunión del Comité de Taxation & Legislation de la Cámara Americana de Comercio  de Panamá (AmCham), en la cual el Lic. Francisco Arias G., socio de Morgan & Morgan, ofreció una charla del tema “Sociedades de Inversión Inmobiliaria”.

El auditorio estuvo compuesto por distinguidos profesionales de las ramas de bienes raíces y auditoría como: KPMG, BDO, Deloitte y de firmas de abogados como Tapia, Linares & Alfaro, Arias, Fábrega & Fábrega, Galindo, Arias, & López, Sucre, Arias & Reyes, BDS Asesores, entre otros.

En la reunión también participaron los abogados Carlos Hoyos, Ivethe Vega, Adolfo Campos y Amanda Barraza de Wong, todos asociados de Morgan & Morgan.

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Morgan & Morgan sponsored tax event for Spanish companies

On June 11, 2014, a tax event was held at the Auditorium in MMG Tower entitled “Talking about Taxation”. The same was organized by the Embassy of Spain in Panama with the support of Morgan & Morgan’s tax team, headed by partner Enrique Jimenez, and associates Amanda Barraza de Wong and Adolfo Campos Barranco.

As part of the activity, an update was offered to a group of participating Spanish companies where the main topic was, “Implementing the Double Taxation Treaty between Panama and Spain”, general premises, benefits and other significant aspects to take into consideration for proper application of tax issues.

Mercedes Arauz de Grimaldo, partner of Morgan & Morgan, and associate Ana Griselda Tribaldos also participated in this activity sharing important facts with the participants on issues related to the labor contracts of Spanish expatriates.

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Morgan &; Morgan participated in III International Congress on Tax Law

From June 9 to 11, 2014, the III International Congress on Tax Law: Tax and Development, was held at the Sheraton Convention Center, organized by the Administrative Tax Court. Morgan & Morgan participated through its associate Amanda Barraza de Wong, who exposed on the subject, “Overseeing and Determining Tax”.

The activity offered participants the opportunity to learn about new trends and share experiences on the most recent issues in tax law.

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Morgan & Morgan holds tax event in Chiriqui

On May 27, 2014 an event was held at Hotel Ciudad David, in Chiriqui province, entitled, “Challenges and Opportunities for Taxpayers”. The event was organized by the Tax Law team of Morgan & Morgan, headed by partner Enrique Jimenez and the support of associates Amanda Barraza de Wong and Adolfo Campos Barranco. As part of the activity, a breakfast was offered with tax presentations for clients and friends of the firm in this province.

Several issues of interest were discussed among them, preferential shares, Split-up and merger regulations, tax treaties, income tax on real estate sales, among others of great tax planning significance.

Also at the event, Mercedes Arauz de Grimaldo, partner of Morgan & Morgan, and associates Ana Griselda Tribaldos and Giselle Moncada who together with the administrative staff and lawyers of Morgan & Morgan David, helped planning this successful activity, strengthening the firm’s presence and professional relationship with its clients in this part of the country.

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Morgan & Morgan participate in Tax Colloquy

Last January 24, a Tax Colloquy was held in Panama City, organized by the Panamanian Institute of Tax Experts (INSPAT).

Mr. Adolfo Campos, tax expert and associate of Morgan & Morgan, made a presentation on the “Tax Stamp” before a large audience attending the event. Mrs. Amanda Barraza de Wong, associate of Morgan & Morgan, also attended the event on behalf of the firm.

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Double Taxation Treaties´ Benefits Application

Since January 1, 2013, Panama counts with Double Taxation Treaties (DTT) being the first to enter into effect with Mexico and the eleventh and last one as of today with Ireland. These DTT offer benefits and to enjoy these, the taxpayer must comply with a proceeding according to what is provided on Article 762-Ñ of the Tax Code. This proceeding has a ruling for the accreditation based on the Resolution 201-10861 of August 26, 2013 from the Public Revenues National Authority (ANIP) which provides that the tax payer with the right to use a benefit must support it, filing previously a petition before the ANIP International Tax Office with the following formality:

  • Identify the interested party and the beneficiary.
  • Detail the rule in the corresponding treaty.
  • Specify in detail the nature of the transaction.
  • Attach the tax residency certificate of the beneficiary duly legalized and translated if needed, a copy of the Public Registry certificate of the interested party, notarized power of attorney and others as these correspond.

There is a validity period for the accreditation which depends on the periodicity of the transaction. If it is not described as regular, it is understood applicable solely for the case specified in the petition. If it is described as a periodical transaction, the accreditation remains valid for the period specified which will be understood as valid for the validity period of the tax residence certificate attached.

It is recognized a term of twelve months as the validity of the tax certificates issued by foreign authorities unless the document itself specifies a shorter period.

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This is a production and edition of the “Eduardo Morgan Jr.” Research & Consulting Center. The content of this publication does not, in any form, represent a formal opinion from MORGAN & MORGAN. For additional information, comments or questions, please contact us at: agendajuridica@morimor.com

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Desde el 1 de Enero de 2011, Panamá cuenta con Convenios para Evitar Doble Tributación (CDI) siendo el primero con México y el onceavo y último a la fecha en ratificarse y entrar en vigencia con Irlanda. Los CDI ofrecen beneficios y para disfrutarlos el contribuyente debe cumplir con un procedimiento de acuerdo a lo que dispone el Artículo 762-Ñ del Código Fiscal. Este procedimiento cuenta con una reglamentación de acreditación fundamentada en la Resolución 201-10861 del 26 de Agosto de 2013 de la Autoridad Nacional de Ingresos Públicos (ANIP) que dispone que el contribuyente con derecho a utilizar el beneficio debe acreditarlo presentando previamente un memorial en papel simple ante las oficinas de Tributación Internacional de la ANIP, con la siguiente formalidad:

  • Identificación del interesado y del beneficiario.
  • Detallar la norma del tratado que aplica.
  • Especificar la naturaleza de la transacción de forma detallada.
  • Adjuntar constancia de residencia fiscal del beneficiario legalizada y traducida cuando es necesario, copia de certificado de Registro Público del interesado, poder notariado cuando se presenta por medio de abogado y otros que correspondan.

Hay un período de validez de la acreditación que depende de la regularidad de la transacción. Si la transacción no se describe como regular, se entiende que aplica sólo al caso descrito en el memorial. Si se describe que la operación ocurre de forma periódica, la acreditación se mantiene válida por el tiempo especificado que se entiende vigente por el período de validez del certificado de residencia fiscal aportado.

Se reconoce un término de validez de doce meses contados a partir de su emisión a los certificados de residencia fiscal expedidos por autoridades extranjeras salvo que se les otorgue un período menor en el propio documento.

[note color=”#ecfce4″]

Esto es una producción y edición del Centro de Investigación y Consultas – “Eduardo Morgan Jr.” El contenido de esta publicación no significa que, en cualquier forma, representan una opinión formal de Morgan & Morgan. Para obtener más información, comentarios o preguntas, póngase en contacto con nosotros en: agendajuridica@morimor.com

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Regularization and Moratorium

REGULARIZATION.

By means of Law 51 of 2013 published in the Official Gazette 27368-C of September 6th, 2013, the taxpayers have the opportunity to adjust the Income Tax, which consist in being up to date with this tax obligation. The opportunity to make a single payment is given, the latter being the result of: adding the taxable income of the last three tax returns, dividing the total by three and applying 25% to the result.

The taxpayer who carries out the payment as explained before will not be audited until August 31st, 2014 and will receive a certificate showing he has been audited until 2011’s tax period.

This process cannot be requested by those who are undergoing an audit process.

MORATORIUM.

If a taxpayer is delinquent with respect to any taxes managed by the ANIP, he/she has until December 6th, 2013 to make the pending payment, 100% exempted from fines and surcharges and will have a 25% discount on the interests accrued. The complete list of taxes is published in the website www.anip.gob.pa

[note color=”#ecfce4″]

This is a production and edition of the “Eduardo Morgan Jr.” Research & Consulting Center. The content of this publication does not, in any form, represent a formal opinion from MORGAN & MORGAN. For additional information, comments or questions, please contact us at: agendajuridica@morimor.com

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REGULARIZACION.

Por medio de la Ley 51 de 2013 publicada en la Gaceta Oficial 27368-C del 6 de Septiembre de 2013,  los contribuyentes tienen la oportunidad de regularizar el Impuesto sobre la Renta que consiste en ponerse al día en el cumplimiento de este impuesto. Se les brinda la oportunidad de hacer un pago que es el resultado de: sumar la renta gravable de las últimas tres declaraciones de renta, dividir el total entre tres y al resultado aplicar 25%.

El contribuyente que realiza el pago en los términos anteriormente indicados no será auditado hasta el 31 de Agosto de 2014 y recibirá un certificado que indica que ha sido auditado hasta el período fiscal 2011.

No pueden solicitar este tratamiento quienes se encuentran en procesos de auditoría.

MORATORIA.

Si un contribuyente se encuentra moroso respecto algún impuesto de los administrados por la ANIP  cuenta hasta el 6 de Diciembre de 2013 para llevar a cabo el pago pendiente exento 100% de multa y recargo y se le descontará 25% de lo adeudado en intereses. La lista completa de impuestos aparece publicada en el sitio www.anip.gob.pa

[note color=”#ecfce4″]

Esto es una producción y edición del Centro de Investigación y Consultas – “Eduardo Morgan Jr.” El contenido de esta publicación no significa que, en cualquier forma, representan una opinión formal de Morgan & Morgan. Para obtener más información, comentarios o preguntas, póngase en contacto con nosotros en: agendajuridica@morimor.com

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Morgan & Morgan carries out pro bono work in La Arenosa

As part of our CSR strategy, on Saturday August 10th, 2013, a team of lawyers and volunteers from Morgan & Morgan participated in a Legal Orientation Day held in collaboration with Club Kiwanis Las Perlas, at La Arenosa in Chorrera, province of Panama. More than 21 people received free legal assistance and participated in a workshop covering topics related to domestic violence and healthy relationships, emphasizing the importance of equal opportunities for men and women.

The aim of these Legal Open Houses is to promote access to justice and gender equality in the country’s most vulnerable populations.

Attorneys Adolfo Campos, Ana Carolina Castillo, Christian Bonilla, Eduardo Gonzalez, as well as volunteers Marissa Chandeck, Johane Carrion and Andres Mejia, made up the group that provided services for this initiative.

By participating in this activities, Morgan & Morgan reaffirms its commitment to the Pro Bono Declaration of the Americas being the first Panamanian firm signatory of this initiative.

Como parte de nuestra estrategia de RSE, el pasado sábado 10 de agosto, un equipo de abogados y voluntarios de Morgan & Morgan participaron en una Jornada de Orientación Legal organizada en colaboración con el Club Kiwanis Las Perlas, en la comunidad de La Arenosa, en el distrito de La Chorrera. Más de 21 personas recibieron asistencia legal gratuita y participaron de un taller en donde se tratan temas relacionados a la violencia doméstica y promoción de relaciones sanas, haciendo énfasis en la importancia de la igualdad de oportunidades entre hombres y mujeres.

El objetivo de estas jornadas es promover el acceso a la justicia y la equidad de género en las poblaciones más vulnerables del país. El grupo que prestó sus servicios durante esta jornada estuvo conformado por los abogados Adolfo Campos, Ana Carolina Castillo, Christian Bonilla, Eduardo González; y los voluntarios Marissa Chandeck, Johane Carrión y Andrés Mejía.

Con su participación en estas jornadas, Morgan & Morgan reafirma su compromiso con la Declaración Pro Bono de las Américas al ser la primera firma panameña signataria de esta iniciativa.

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Abogados de Morgan & Morgan participaron en foro de Legislación e Impuestos de Amcham

[frame type=”simple” align=”left”]http://www.morimor.com/wp-content/uploads/2013/05/adolfo_campos2_resize_resize.jpg[/frame]El 14 de mayo de 2013, se llevó a cabo el foro titulado ¨Hablemos de Impuestos: Foro de Actualización Legal y Tributaria¨. El evento fue organizado por el Comité de Legislación e Impuestos de la Cámara Americana de Comercio e Industrias de Panamá (Amcham).  Morgan & Morgan participó de dicha actividad, a través de sus asociados Amanda Barraza de Wong, como Presidenta del Comité, y Adolfo Campos, en calidad de expositor con el tema ¨Derechos y Deberes de los Contribuyentes¨.

Además, los asistentes tuvieron la oportunidad de escuchar de importantes figuras del mercado otros temas como: el Proceso de Escisión de Sociedades, la Actualidad Panameña de Precios de Transferencia, la Actualidad del Fatca, las Principales contradicciones entre normas y formularios y la Tributación de Intereses y dividendos al amparo de los tratados.

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