Panama, July 8, 2022. Morgan & Morgan Legal is pleased to announce the recent incorporation of Mr. Jose Rafael Reyes as partner and head of the Taxation practice group of the firm. Mr. Reyes has over ten years of experience handling complex legal and tax matters. He regularly advises clients from multiple industries in connection

December 3, 2021 Executive Decree No.186 of 22 November 2021, published in the Official Gazette 29427-C of  December 2nd 2021, establishes important changes to Form 03, which is the report that allows taxpayers to submit information on all their employees for income tax withholdings. These are summarized below: Filing. Previously it was filed within the

December 1, 2021 Taxpayers that have transactions with related parties resident outside Panama must set the prices of such transactions under the arm’s length principle. That is to say, they must be set under the “fair market price”, which is no more than setting the prices of our operations with related parties within the price

Panama, November 25, 2021. If taxpayer’s resident in Panama have carried out transactions with related parties outside of Panama this tax year, it will be important to review before the end of December whether the related payments are within the ranges required by the tax regulations. Even with local related parties in certain cases the

Panama, November 11, 2021. By means of the Resolution No. 201-10011 of 20 October 2021, the Directorate General of Revenues (hereinafter DGI) creates a new tax obligation called “Report of Sales and Services Rendered” as published in the Official Gazette 29406-A of 27 October 2021. This tax obligation is called “Form No. 1027”. It applies

Panama, November 9, 2021. By means of the Resolution 201-8097 of August 30, 2021 the General Directorate of Revenue (hereinafter DGI) of the Ministry of Economy and Finance as published in the Official Gazette 29411 of Monday, November 9th, 2021, mandates specific requirements and conditions for natural and legal persons established in the special regime