Morgan & Morgan

Morgan & Morgan

507.265.7777
Email: customerservice@morimor.com

Morgan & Morgan
MMG Tower, 23rd Floor Ave. Paseo del Mar, Costa del Este Panama City Rep. of Panama

Open in Google Maps
507.265.7777 | customerservice@morimor.com
  • LANGUAGES
    • English English
    • Español Español
  • Home
  • About Us
    • Our Organization
    • Global Reach
    • Gender Equity
    • Code of EthicsDownload
    • Safety and Health Policy
  • Our Team
    • Founders
    • Partners
    • Associates
  • Practices
    • COLUM1
      • Antitrust and Consumer Protection
      • Banking and Finance
      • Criminal Law
      • Energy and Natural Resources
      • Estate Planning
    • COLUM2
      • Government Procurement and Contracts
      • Insurance and Reinsurance
      • Intellectual Property
      • Immigration Law
      • International Company Formation
    • COLUM3
      • Labor Law
      • Litigation and Dispute Resolution
      • Mergers and Acquisitions
      • Mining
      • Projects
    • COLUM4
      • Real Estate
      • Securities and Capital Markets
      • Shipping and Admiralty Litigation
      • Ship Finance and Registration
      • Taxation
  • Transactions
  • News
    • News
    • Publications
  • Sustainability
    • Pro Bono
    • Environment
    • Community
    • Corporate Wellness
    • Corporate Standards
    • Annual ReportDownload
    • Corporate Social Responsibility (CSR) Policy
  • Contact Us
  • Payment Methods
    • Credit Card
    • ACH Payment
    • Wire Transfers
    • FAQ´S
  • Home
  • amanda_barraza_publi
  • Archive from category "amanda_barraza_publi"
January 26, 2021

Category: amanda_barraza_publi

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

Tuesday, 15 October 2019 by webmaster

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.

Read more
  • Published in 2019, amanda_barraza_publi, News
No Comments

Morgan & Morgan provided pro bono tax advice to Camara de Reciclaje de Panamá, Asociacion Marea Verde, Enseña por Panama y Fundación Banco de Alimentos

Wednesday, 07 August 2019 by webmaster

Panama, August 6, 2019. The Recycling Chamber of Panama, the Marea Verde Association, Enseña por Panama and the Food Bank Foundation, were authorized to obtain the Resolution of the General Directorate of Revenues (DGI for its initials in Spanish) that approves these organizations to receive donations deductible from income tax.

Associates Amanda Barraza and Angelica Ortiz, tax specialists at Morgan & Morgan, provided the necessary tax advice to these social interest groups, beneficiaries of our pro bono program.

Read more
  • Published in 2019, amanda_barraza_publi, Angelica Ortiz, News
No Comments

Morgan & Morgan Forum on Transfer Pricing

Thursday, 14 February 2019 by webmaster

Morgan & Morgan, in partnership with Grupo Camacho Internacional (Costa Rica), presented a forum on Transfer Pricing Matters for a distinguished group of clients of the firm with the objective of updating them about important changes on this complex issue, which affects both local and multinationals companies with operations in Panama.

The topics were presented by Vladimir Blanco Solano and José Guerra Tovar, partner and manager of Grupo Camacho Internacional. As well as partner Enrique Jimenez and lawyers Adolfo Campos, Amanda Barraza and Angelica Ortiz; and the accountant Carlos Sinisterra; all of them members of the Tax Law Department of Morgan & Morgan.

Thus, Morgan & Morgan reaffirms its commitment as a leading firm in tax and fiscal matters, always ahead in benefit of their clients.

Read more
  • Published in 2019, Adolfo Campos, amanda_barraza_publi, Angelica Ortiz, Barraza Amanda, Enrique Jimenez, News, Taxation
No Comments

The Tax Residence in Panama

Wednesday, 06 June 2018 by webmaster

By: Amanda Barraza de Wong, Associate, Tax Law

With Panama being a jurisdiction whose tax system is based on the Principle of Territoriality, and whose economy revolves around financial, legal and logistic services… what policy should it have with regards to foreign capital? Certainly a policy for attracting direct foreign investment. Capital that provides financing for development itself. And that capital does not arrive alone; it is accompanied by natural or legal persons, which motivates the analysis of whether to consider them tax residents or not.

In Panama, we have specific criteria to determine after a study of each particular case, whether a natural or legal person can be considered a tax resident under the provisions of both the Tax Code and the Treaties to Avoid Double Taxation in force. 

Tax residence certificate

The residential tax certificate is the document that accredits a person, being a natural or legal person, his/her tax residence in our country and it is only issued by the General Directorate of Revenues (DGI) based on article 762-N of the Tax Code, Executive Decree 958 of 2013 and regulatory resolutions.

Requirements

The basic requirements established by the DGI for the issuance of the Tax Residence Certificate in the Republic of Panama are the following, in addition to the criteria that underlie the analysis:

  1. Petition addressed to the DGI containing:
  • Clear and express identification of the applicant.
  • Specification of the tax treaty or agreement to which it wishes to be allocated, when applicable.
  1. Original Public Registry Certificate, in the case of legal persons.
  2. Copy of identity card or passport of the applicant or the Legal Representative.
  3. Power of attorney, in case of legal persons.
  4. Other relevant evidence.

Conclusion

Since the fiscal year 2010, there have been several regulations issued on this concept; it is a topic that has been developed particularly over time and we believe that it will continue to evolve.

Read more
  • Published in 2018, amanda_barraza_publi, Barraza Amanda, Press Room, Publications
No Comments

Notificación Previa para Aplicación de Beneficios Fiscales en Panamá

Sunday, 06 July 2014 by webmaster

Este artículo se publicó por primera vez en Tax Planning International Review-Bloomberg BNA, Febrero de 2014

Por Amanda Barraza de Wong, Asociada, Morgan & Morgan, Ciudad de Panamá

A la fecha, Panamá ha suscrito numerosos Tratados Fiscales para evitar la Doble Tributación. Los contribuyentes deben notificar a las autoridades fiscales su intención de acogerse a cualquiera de los beneficios a través de una solicitud formal. No hacerlo podría ocasionarles la pérdida total de tales beneficios y su omisión pudiera, posiblemente, considerarse evasión fiscal.

El Código Fiscal y una resolución adoptada recientemente, disponen las bases legales para que tal notificación sea obligatoria cuando el beneficio conforme a estos tratados sea aplicable. Por lo tanto, aunque un contribuyente pueda estimar que una transacción en particular está cubierta por un tratado fiscal, y cumple con condiciones específicas, la aplicación del beneficio no es válida hasta que se presente la solicitud formal en el término estipulado.

La solicitud formal de intención de acogerse al beneficio conforme a un Tratado de Doble Tributación específico debe presentarse a través de abogado, indicando el artículo del tratado al cual se refiere, 30 días antes de la fecha efectiva en que se realizará la transacción. Tal notificación debe ir sustentada como mínimo, por los documentos correspondientes que evidencien la transacción a ejecutarse, un certificado de residencia fiscal del beneficiario debidamente autenticado y traducido al español, un certificado del Registro Público del solicitante, y una copia del documento de identidad del representante legal del solicitante cuando sea persona jurídica.

La solicitud se considera válida dependiendo de la especificación del solicitante. Si se menciona solamente una transacción, deberá cubrir solamente esa transacción; sin embargo, si el solicitante menciona que la transacción tiene lugar periódicamente, deberá cubrir el término indicado hasta la fecha especificada como periodo válido del certificado de residencia fiscal que se adjunta. Si el certificado no estipulara un periodo específico de validez, se considerará válido por un año.

Estimamos que el procedimiento se introdujo para evitar abusos y hasta fraudes. No obstante, en la práctica, es difícil cumplir con el mismo ya que la administración fiscal debe atender miles de notificaciones. En nuestra opinión, este mecanismo será modificado a corto plazo para introducir cambios que implementen una comunicación electrónica rápida, a un costo menor para todos los involucrados.

Read more
  • Published in amanda_barraza_publi, Press Room, Publications
No Comments

© 2020 All rights reserved. Morgan & Morgan. | TERMS OF USE | PRIVACY STATEMENT | FAQ´S | WHISTLEBLOWER | COMPLIANCE POLICY

TOP