Regulations of Interest – Taxes – Law 80

It introduces new terms such as active/adventure, scientific, cultural/ethnic, cruise, sun and beach, business, sports fishing, nautical, rural, agro tourism and multiple use establishments. Main tax exemptions based on activity: Boarding establishments and constructions outside the district of Panama. Applies to new constructions with a minimum investment of $250,000; new constructions in tribal areas with

The Panama Canal Explansion

For five centuries, Panama has been an important route for world trade and transportation. Today, the railway, airports, roads, oil pipeline, fiber optics communication cables, international techno-parks, ports and the Panama Canal make up a key infrastructure that independently, while complementing each other, are part of the unrivalled geographic position offered by the Isthmus. We

To work at The Panama Canal expansion

Expansion works at the Panama Canal are carried out by the main contractor, the Panama Canal Authority (PCA), who in turn has hired subcontractors such as Grupo Unidos por el Canal (GUPC), FCC Construcción and the construction company MECO. After its approval, and once the construction works began, the Ministry of Work and Labor Development

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

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

Tax in Panama (The Inward Investment and Taxation Review)

This article was first published in The Inward Investment and International Review, 2nd Edition, January 2012.  Reproduced with permission from Law Business Research Ltd. View full article (PDF)  This article was first published in The Inward Investment and International Review, 2nd Edition, January 2012.  Reproduced with permission from Law Business Research Ltd. View full article

Belize International Foundations

By Rishi Alain Mungal, Legal Counsel for Morgan & Morgan Trust Corporation (Belize) Ltd. Belize is an English Commonwealth territory located within mainland Central America. The legal system is based on English law and the country has an independent Parliament which creates domestic legislation. The International Foundations Act of 2010 is the relevant legislation that

British Virgin Islands (“BVI”) VISTA Trust

By Thalia Myers, In-House Legal Counsel at MMG Trust (BVI) Corp. and Morgan & Morgan Barristers & Solicitors, British Virgin Islands Introduction Although trust has always been regarded as one of the best succession vehicles, it has never been attractive for the succession of shares in companies because of a rule of English trust law,

Real Estate Trust in Israel

By Alon Kaplan, Managing Partner of Alon Kaplan Law Firm and Chairman of MMG Kaplex Trust Company (1978) Ltd., members of the International Network of the Morgan & Morgan Group Many investors who buy real estate in Israel wish to maintain their privacy. Real estate is registered in a public registrar –the «Tabu” – which

Applicability of Tax Benefits in Panama requires a prior notice.

As of today, Panama has entered into numerous Tax Treaties to avoid Double Taxation.  Taxpayers should notify the tax authority the intention to enjoy any of the benefits established by means of a formal petition. Failing to do so my cause the total loss of the benefit and possibly to consider such action as a