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  • Archive from category "Taxation"
March 2, 2021

Category: Taxation

Panamá establece amnistía tributaria y regla de pronto pago para el pago de impuestos

Monday, 21 September 2020 by webmaster

15 de septiembre de 2020

Dos iniciativas legislativas debidamente aprobadas y promulgadas nos brindan la oportunidad de poner al día nuestros tributos y obligaciones frente al Fisco Panameño. Hablamos de la extensión de la Amnistía Tributaria y la Ley de Pronto Pago que resumimos a continuación.

Amnistía Tributaria

Desde el ejercicio fiscal 2019, se inició un proceso de regularización tributaria que brinda a los contribuyentes la oportunidad de poner al día sus obligaciones tributarias ante la Dirección General de ingresos (DGI), con la entrada en vigor de la Ley 99 de 2019, de amnistía tributaria, modificada y extendida mediante la Ley 134 de 2020.

A la fecha, mediante la Ley 160 de 2020, los principios introducidos originalmente por la Ley de Amnistía se mantienen muy similares, ahora con las siguientes características y vigencia:

Tributos incluidos

Impuestos, tasas y contribuciones especiales causados y morosos al 29 de febrero de 2020.

¿Quiénes pueden acogerse a la amnistía?

  • Personas naturales y jurídicas e inmuebles morosos.
  • Se incluyen los contribuyentes que tengan arreglo de pago en curso, así como aquellos que tengan cobranza administrativa como en el cobro coactivo.
  • Contribuyentes y agentes retenedores.
  • Contribuyentes con liquidaciones adicionales o cualquier requerimiento de pago frente al Fisco que se encuentren pendientes de decisión, siempre que se desista previamente de la acción o los recursos presentados.

Fecha de vencimiento para la presentación de formularios y declaraciones

A partir de la entrada en vigor de la Ley 134 hasta el 31 de diciembre de 2020, se establece como plazo para presentar ante la DGI los formularios que debieron presentarse hasta el 29 de febrero exentos de multas si corresponden a:

  • Informe de donaciones.
  • Informe de contribuyentes no declarantes.
  • Planilla 03.
  • Informe de Fondo de Jubilaciones, pensiones y otros beneficios.
  • Informe de Aseguradoras.
  • Certificación de intereses sobre préstamos hipotecarios residenciales sin interés preferencial.
  • Informe 43.
  • Informe de ventas con tarjeta de crédito.
  • Informe 930.
  • Declaración jurada de rentas de personas naturales, personas jurídicas y de zona libre.

Plazo de condonación de intereses y recargos morosos por impuestos causados y vencidos.

El período de amnistía tributaria se concede hasta el 31 de diciembre de 2020. Si el pago de los tributos causados y morosos se realiza posterior al 29 de febrero de 2020 hasta el 31 de diciembre de 2020, se condonará hasta el 85% de la totalidad de intereses, recargos y multas.

Plazo de duración de los arreglos de pago.

Si el convenio de pago se realiza en el mes de febrero de 2020 y hasta el 31 de diciembre de 2020, se condonará el 85% de la totalidad de los intereses, recargos y multas, siempre que hayan abonado el 25% del impuesto nominal adeudado. Se extiende el plazo para el cumplimiento del arreglo de pago realizado hasta el 29 de febrero de 2020, hasta el 31 de diciembre de 2021. Los arreglos de pago realizados con posterioridad al 29 de febrero de 2020 y hasta el 31 de diciembre de 2020, deberán ser cancelados en su totalidad hasta el 30 de abril de 2021.

Regla de Pronto Pago

Mediante la Ley 161 de 2020 se concede un beneficio de descuento del 10% del monto total a pagar para aquellos contribuyentes con renta bruta inferior a B/2,500,000.00 que paguen, dentro de los tres meses siguientes a la promulgación de la Ley o sea hasta el 2 de diciembre de 2020, los tributos que se causen o que debieron pagarse entre el 20 de marzo de 2020 y el 31 de julio de 2020.

Impuestos incluidos

  • Impuesto sobre la renta con excepción del impuesto sobre la renta retenido a los trabajadores y a los no residentes.
  • Impuesto de Aviso de Operación.
  • Impuesto Complementario.
  • Impuesto de Inmuebles.

Retroactividad

De los contribuyentes que paguen dentro del plazo del beneficio del crédito del 10% serán condonados.

Intereses, recargos y multas

De los contribuyentes que paguen dentro del plazo del beneficio del crédito del 10% serán condonados.

Tasa Única

Se extiende hasta el 31 de diciembre de 2020 el plazo para el pago de la Tasa Única, sin la generación de la multa, para las sociedades anónimas, sociedades de responsabilidad limitada y cualesquiera otras personas jurídicas, así como las fundaciones de interés privado que debiera ser cancelada al 15 de julio de 2020.

Arreglos de Pago

La Ley de Pronto Pago incluye otra regla de Convenios de Pago con la DGI. Si se trata de tributos que se causan o deben pagarse entre el 20 de marzo de 2020 y el 31 de julio de 2020, se permite celebrar arreglos de pago cuyo plazo para el cumplimiento total no exceda del 30 de abril de 2021. La condonación de los recargos e intereses correspondiente a los tributos adeudados en el plazo indicado será progresiva y dependiendo del mes en que se celebre el respectivo arreglo de pago. Se establece igualmente, que los recargos y multas (excluyendo los intereses), se eliminarán en su totalidad si se cancela el monto adeudado antes del 30 de abril de 2021.

Nos mantenemos a su disposición para aclarar lo que estimen prudente. Favor contactarnos en taxation@morimor.com o directamente a:

Inocencio Galindo

Socio, Morgan & Morgan

Inocencio.galindo@morimor.com

Amanda Barraza de Wong

Asociada Senior, Morgan & Morgan

amanda.barraza@morimor.com

Angélica Ortiz

Asociada, Morgan & Morgan

angelica.ortiz@morimor.com

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  • Published in 2020, Angelica Ortiz, Barraza Amanda, Inocencio Galindo, News, Publications, Taxation, Taxation-es
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Utilización de créditos ITBMS en Panamá

Thursday, 27 August 2020 by webmaster

27 de agosto de 2020

Desde el año pasado, la Dirección General de Ingresos, mediante decretos ejecutivos y resoluciones reglamentarias dispuso los lineamientos para la utilización y aplicación de los créditos del Impuesto de Traslado de Bienes Materiales y Servicios (ITBMS) generados producto de las retenciones practicadas por los agentes de retención de este impuesto, en el caso de los consorcios o sociedades accidentales. Hasta mayo de este año, se permitía la cesión a otros dos contribuyentes de dichos créditos, los cuales podían ser aplicados solamente en dos períodos fiscales.

Recientemente, mediante la Resolución No. 201-5006 de 17 de agosto de 2020, se amplía el marco de aplicación de los créditos y además de los consorcios o sociedades accidentales, se reconocerá también a las sociedades regulares en los siguientes términos:

“Este crédito sólo será reconocido a las personas jurídicas regulares y sociedades sin personería jurídica, que por sus características actúen como agente de retención o como retenido y presenten una solicitud donde comprueben fehacientemente que se mantienen operativamente inactivos o que haya culminado la obra o proyecto para el cual fueron creados por lo que se les hace difícil poder recuperar y aplicar este crédito.”

Como mencionamos anteriormente, la utilización de los créditos fiscales de ITBMS sólo se permitía durante dos períodos fiscales; sin embargo, la Resolución No. 201-5006 que comentamos permite que sea aplicado por períodos subsiguientes en los siguientes términos:

“Informar a los contribuyentes que el crédito fiscal del ITBMS que se generó como consecuencia de la retención de los agentes de retención de este impuesto, podrá ser aplicado en el período fiscal en que se reconoce y períodos subsiguientes.”

El resto del procedimiento de reconocimiento y aplicación de dichos créditos se mantiene de la siguiente manera:

  • El contribuyente deberá estar al día con el pago de todas sus obligaciones tributarias para solicitar este reconocimiento del crédito.
  • El crédito reconocido podrá ser aplicado a dos contribuyentes obligados del ITBMS, para el pago de una deuda por este impuesto, por cada periodo fiscal, previo acuerdo entre las partes. Para esto deberá presentar formal solicitud ante la Dirección General de Ingresos, señalando las generales de los contribuyentes a quienes desea ser aplicado dicho crédito, el porcentaje que le será cedido, el porcentaje que se aplicará y el período a aplicar.
  • El crédito reconocido no podrá sr utilizado en un porcentaje mayor al cincuenta por ciento (50%) por período fiscal. 

Nos mantenemos a su disposición para aclarar lo que estimen prudente. Favor contactarnos en taxation@morimor.com o directamente a:

Amanda Barraza de Wong
Asociada Senior, Morgan & Morgan
amanda.barraza@morimor.com 

Angélica Ortiz
Asociada, Morgan & Morgan
angelica.ortiz@morimor.com

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  • Published in 2020, Angelica Ortiz, Barraza Amanda, News, Taxation, Taxation-es
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Morgan & Morgan advised Avianca Holdings, S.A. in Exchange Offer of Senior Notes for US$550,000,000

Friday, 01 November 2019 by webmaster

Panama, November 1, 2019.

Morgan & Morgan advised Avianca Holdings, S.A., a company incorporated under the laws of the Republic of Panama (the “Company”), in launch and consummation of an exchange offer of the Company’s previously issued US$550,000,000 8.375% Senior Notes due 2020 for newly issued US$550,000,000 8.375% Senior Secured Notes Due 2020 (the “Exchange Notes”). The Exchange Notes will have terms that are identical in all material respects to the terms of the Existing Notes, except that, among other differences, (1) the Exchange Notes will be issued by the Company and will be guaranteed by Avianca Leasing, LLC and Grupo Taca Holdings Limited (“Taca”), which were co-issuers of the previous notes, and will additionally be guaranteed by Avianca Ecuador S.A., Tampa Cargo S.A.S., Aviateca, S.A., Latin Logistics, LLC, International Trade Marks Agency Inc., and a newly created intermediate holding company (“Parent HoldCo”), which did not guarantee the previous notes, (2) the Exchange Notes will be secured by a pledge or assignment of (a) the AVIANCA brand and certain other intellectual property registered in different jurisdictions, including Panama, (b) certain unencumbered aircraft which are currently owned directly by or in trust for the benefit of Tampa Cargo S.A.S. or by Aerovías del Continente Americano S.A. – Avianca (“Aerovias”), and (c) the residual interest in substantially all aircraft which are owned and financed now or in the future by the Company and its subsidiaries, and (3) the Exchange Notes will automatically be exchanged (the “Mandatory Exchange”) for an equivalent principal amount of 9.00% Senior Secured Notes due 2023 (the “New Notes”) on December 31, 2019 upon the closing of an investment of not less than U.S.$250 million of new equity or convertible debt in Avianca Holdings from United Airlines, Inc. (“United”), Kingsland Holdings Limited (“Kingsland”) and one or more financial institutions, of which at least U.S.$200 million thereof will be made by United and Kingsland (the “Stakeholder Investment”) and the receipt of such funds on or prior to December 31, 2019.

BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC acted as the Dealer Managers of the Exchange Offer, with BofA Securities, Inc. acting as Global Coordinator of the Exchange Offer. Wilmington Savings Fund Society, FSB, acted as indenture trustee and collateral trustee, Citibank, N.A. acted as transfer agent, registrar and principal paying agent, and Cititrust Colombia S.A., Sociedad Fiduciaria, acted as Colombian collateral agent.

Partner Ricardo Arias; senior associate Aristides Anguizola; and associates Allen Candanedo and Maria Eugenia Brenes, participated in the transaction.

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  • Published in 2019, Allen Candanedo, Aristides Anguizola, expertise, Intellectual Property, Maria Brenes, Ricardo Arias, Securities and Capital Markets, Taxation
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Panama: Regulations applicable to tax deductions from school expenses

Friday, 26 July 2019 by webmaster

Angélica Ortiz, Taxation Department, Morgan & Morgan

Law 37 of June 5, 2018, adds line 9 to article 709 of the Fiscal Code, which is related to the annual income tax deductions to which natural persons are entitled, regarding school expenses incurred by the taxpayer with respect to their dependents. Additionally, Executive Decree 368 of December 26, 2018 and Resolution No. 201-1635 of May 13, 2019, establish the regulations applicable to the deduction of said expenses.

From the regulations indicated above, we highlight the following aspects:

  1. School expenses, including tuition and school fees, supplies, uniforms and school transportation, incurred by taxpayers with respect to their minor dependents, will be deductible from the taxable income.
  2. School expenses related to the payment of tuition and credit hours incurred by taxpayers with respect to their dependents of legal age who are still under their tutelage, attending third-level or higher education.
  3. The deduction may be up to a maximum annual amount of B/.3,600.00, for each dependent; and may also be applied to taxpayers who pay for their own studies, as long as they submit their tax return declaration.
  4. Employees who pay Income Tax, in order to make the deduction, must: i) submit an affidavit of the fiscal period in which they incurred those expenses and ii) submit a petition requesting the deduction, duly accompanied by the detail of school expenses and supporting documentation (invoices).
  5. Invoices or equivalent documents supporting the school expenses to be deductible must be issued in the name of the father, mother or the person who has legal tutelage of the student. They may also be issued in the name of the dependent.
  6. The deduction of school expenses will be recognized only for payments made in the Panamanian territory.
  7. The financial obligation of parents with their children of legal age will be until they reach 25 years-old.
  8. Taxpayers whose dependants have a level of disability but that does not prevent them from attending an educational or university center will be entitled to the deduction of all school expenses.
  9. School expenses will be deductible in the tax return declaration of the year 2019, and be settled in the year 2020.
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  • Published in 2019, Angelica Ortiz, News, Publications, Taxation, Taxation-es
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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.

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  • Published in 2019, Adolfo Campos, amanda_barraza_publi, Angelica Ortiz, Barraza Amanda, Enrique Jimenez, News, Taxation
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Transfer Pricing Update in Panama

Friday, 21 December 2018 by webmaster

The regulation of Transfer Pricing is one of the mechanisms through which the Directorate General of Revenue (DGI) seeks to avoid the erosion of the tax base.

In Panama, it is regulated in the Fiscal Code in its Chapter IX from Article 762-A to 762-Ñ. The obligation on the issue of Transfer Pricing and specifically with the study is generated since the 2011 period. At that time it was applicable only in cases in which Panamanian taxpayers developed transactions with companies that were located in countries with which Panama had signed a treaty to avoid double taxation.

However, in the 2012 period, by means of Law 52-2012 in its Article 7, the scope of the obligation is modified and the scope of application is extended, so, from that period, all Panamanians taxpayers who carry out transactions with related companies located abroad are subject, provided that said transactions result in income, costs or deductions in the determination of the tax base, for purposes of Income Tax, of the fiscal period in which the transaction is declared or carried out.

In 2018 it is included that the entities that hold a Multinational Company Headquarters License (SEM) must report in the Affidavit of Income Tax following the arm’s length principle, that is, they must prepare it and present it within the framework of a transfer pricing study resulting from transactions with other companies of the group worldwide.

All of the foregoing means that the taxpayers subject to the Transfer Pricing obligation must inform their transactions with related parties located abroad in the Affidavit of Income Tax, submit the Form 930 of Transfer Pricing and the elaboration of the report.

It is necessary to point out that only the Transfer Pricing Report must be submitted, at the moment that the DGI makes the request, within a period no longer than 45 days from the notification.

Part of the efforts made by the DGI to incorporate BEPS (Base Erosion and Profit Shifting) actions is reflected in Article 11 of Executive Decree 390 effective as of January 1, 2017, which allows the Tax Administration to request Information corresponding to:

  • Consolidated financial statements of the economic group, as well as a list of intangibles.
  • The organizational, legal and operational structure of the economic group of which the Panamanian taxpayer is a member.
  • Description of the functions, assets and risks of the group companies.
  • Also, as part of the required information, the group transfer pricing policies,
  • A description of the value chain of the most important products and services, among others.

Given this situation, it is necessary for taxpayers to take into consideration the adoption of the local report (local file) and the master report in accordance with the BEPS standard.

On the other hand, we must bear in mind that Executive Decree No. 390 made an update on the Transfer Pricing regulations in force in Panama, where we can highlight the following points:

  • It states that: the transactions of income, costs and deductions must be analyzed transaction by transaction, however, it is possible to perform an analysis in a grouped way given the nature of the transactions.
  • Regarding the use of information from several periods, it will be possible to use it, provided that it adds value to the analysis.
  • The comparability adjustments, which are made in the studies submitted by the taxpayers, may be applicable and accepted by the Tax Administration, provided that they comply with certain parameters.
  • The taxpayer must include in the study, detailed information of the analyzed transactions, organization chart, its related companies and type of relationship, competitors’ detail, analysis of the sector in which it operates, among others.
  • For the selection of comparable transactions, they must be justified by indicating the characteristics of the goods and services; as well as the functions, assets and risks; contractual terms; and economic circumstances, among other factors.
  • On behalf of the DGI, emphasis is placed on their preference for internal comparables. Reason for which, the taxpayer must document any transaction potentially comparable to those made with related parties.

Currently, as part of the evolution of the issue of Transfer Pricing in our country, in April 2018, the DGI published Resolution No. 201-1937 which modifies form 930, (which  must be presented  through the eTax 2.0 system.)

Among the main changes in the declaration, the following points can be highlighted:

  • The taxpayer must reveal if it is in a fiscal regime or special economic zone.
  • Provide information about comparable transactions selected by the taxpayer.
  • A section of questions related to the taxpayer and the economic group to which it belongs is added.
  • An annex must be completed for intangible transactions such as: royalties, intellectual property, trademarks, among others.
  • For cases in which a method based on profit margins has been used, it is necessary to reveal the name of the companies selected as comparable, the tax periods of the comparable companies used, as well as the country of residence.

Fines and other measures for non-compliance

An element to consider with the modification of the form is that, due to the level of details requested, it is very important to have the Transfer Pricing Report prior to the presentation of the declaration.

For cases in which the filing of Form 930 is not made, taxpayers could be sanctioned with 1% of the total gross amount of the transactions with related parties of the period, up to a maximum of $1,000,000.

On the other hand, if the Tax Administration makes the request for the Transfer Pricing Report and the taxpayer does not provide the documentation, it would result in a fine ranging from $1,000 to $5,000 in the first instance and, from $5,000 to $10,000 in case of being recidivist.

The DGI has the power to close the taxpayer’s premises for 2 days in the first instance; and if it is a recidivist it can be up to 10 days and if the breach continues it could reach up to 15 days.

With the described scenario and the actions taken by the DGI, it is vital that taxpayers advise each other correctly in order to comply with the requirements within the established deadlines and thus avoid any type of contingency that may arise in the issue of Transfer Pricing.

Our expert team is at your disposal to jointly achieve the due fulfillment of this obligation. 

How can we work together? 

Compliance in Transfer Pricing

A transfer pricing study that adequately and concisely complies with the transfer pricing information required by current regulations allows concentrating the management in this matter towards the optimization of resources.

At Morgan & Morgan, together with Grupo Camacho Internacional, we have the knowledge and experience to prepare the documents required by the DGI, validating the prices traded between companies of the same economic group and also serving as compliance support for cases of tax review.

Transfer pricing management

Transfer pricing management consists of the planning, design, implementation and active control of compliance with policies, strategies and actions related to the matter, in order to ensure compliance with current regulations in Panama and internationally.

Our ability to assess and understand the needs of each company allows us to guide your company through a highly personalized service, ensuring compliance and efficient tax management. 

Questions from the DGI

When the DGI determines that the transactions carried out and analyzed by your company do not comply with the arm’s length principle, it will make an incremental adjustment in the income tax.

Our experience, both in the preparation of the documentation and in their respective defense, enables us to deal with the highest professional level in handling cases and the attention of particular consultations.

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  • Published in 2018, 2019, Adolfo Campos, Publications, Taxation
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Morgan & Morgan participated in Seminar on Property Taxes

Wednesday, 21 November 2018 by webmaster

Panama, November 20, 2018. Adolfo Campos, senior associate and tax specialist, took part as speaker in the Seminar on Property Taxes in Panama-New Law 66 of 2017.

During the event the speakers talked about the most relevant aspects of Law 66 of 2017 which will begin to take effect on January 1st, 2019.

The activity was organized by the National Bar Association of Panama.

About Morgan & Morgan

Morgan & Morgan advises companies and individuals in matters pertaining to the Panamanian taxation system, including special taxes regimes. The firm has an experienced team of attorneys with broad knowledge in tax law addressing all sorts of industries, such as, financial services, technology, shipping, energy, real estate, intellectual property, retail and wholesale business, who can readily identify obstacles and solutions but mostly the opportunities clients can expect to achieve upon making business in Panama.

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  • Published in 2018, Adolfo Campos, News, Taxation
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Morgan & Morgan presented tax updates

Wednesday, 25 July 2018 by webmaster

The Tax Team of Morgan & Morgan invited a group of clients to a breakfast-discussion table where the last updates and news on tax issues were presented. In front of a full house, partner Enrique Jimenez, and lawyers Adolfo Campos, Amanda Barraza and Carlos Sinisterra (CPA) talked with clients about the changes and amendments that have been made to the laws and entities on this subject.

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

About Morgan & Morgan

Morgan & Morgan advises companies and individuals in matters pertaining to the Panamanian taxation system, including special taxes regimes. The firm has an experienced team of attorneys with broad knowledge in tax law addressing all sorts of industries, such as, financial services, technology, shipping, energy, real estate, intellectual property, retail and wholesale business, who can readily identify obstacles and solutions but mostly the opportunities clients can expect to achieve upon making business in Panama.

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  • Published in 2018, Adolfo Campos, Barraza Amanda, Enrique Jimenez, News, Taxation
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Associates of Morgan & Morgan participated in regional updating program on International Taxation

Monday, 18 April 2016 by webmaster

From February 29 to March 3, 2016, the International Taxation updating program was held in San Jose, Costa Rica, about Panama, Mexico and the Central American region. At said event, attorneys Amanda Barraza de Wong and Adolfo Campos, associates of Morgan & Morgan’s Tax Department, were invited to expose on a perspective of the taxation system of Panama.

CFOs, CEOs and other important executives from companies in the region attended, and had the opportunity of knowing the origins and trends of the tax systems and how they will apply to their companies.

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  • Published in News, Taxation
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MMG (Seychelles) Ltd. obtained Corporate Services License

Thursday, 28 January 2016 by webmaster

We are pleased to inform you that MMG (Seychelles) Ltd. has obtained its Corporate Services License. This development attests to the M&M Group’s continuous commitment to expansion and diversification of services.

Seychelles is well known for its comprehensive corporate and financial service legislation, its growing network of double taxation agreements (DTAs), taxation information exchange agreements (TIEAs) and the tax-exempt Seychelles International Business Companies (IBCs).

If you have any further questions regarding IBCs in Seychelles, please do not hesitate to contact us at corporate@morimor.com

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  • Published in News, Taxation
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