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New Panama Legislature Enacts Tax Moratorium
The new tax moratorium gives an amnesty on fines on overdue taxes when paid before 2010
Such a tax plan would benefit owners of corporations and private interest foundations formed in Panama who must pay a US$300 annual tax called "Tasa Unica". While Panama corporations and private interest foundations doing business outside of Panama do not have to pay Panama income tax, they still have to pay the US$300 annual tax. Article 318A of the Tax Code also imposes a US$50 fine for every annual tax paid late and a US$300 surcharge after 2 years of delay in payments. Article 3 of the 2001 Supreme Court of Justice Schedule for Legal Services further provides every year for a US$250 Resident Agent Fee and a US$150 nominee director fee.
Lombardi Aguilar & Garcia (www.laglex.com)
The moratorium also covers property taxes due for ownership of real estate at rates of up to 2.1% of the registered value. "Unlike other countries, Panama authorities do not mail or deliver tax statements so property taxes - along with surcharges, fines and interest - may be accumulating without the owner knowing," Aguilar points out. "Many foreign buyers have purchased real estate in Panama, either directly or by purchasing shares of landholding companies or foundations, so this is a good time to ask the local Panama tax office for a statement to pay taxes due without fines and ask counsel in their country of origin about other tax compliance and filing requirements"
About Lombardi Aguilar & Garcia
Lombardi Aguilar & Garcia was created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations)
This release has been prepared for information purposes only. It is not intended to be nor do they constitute legal advice, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
For more information, contact +507 340-6444, e-mail aaguilar (at) nysbar.com, or see: Lombardi Aguilar & Garcia http://www.laglex.com/
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International consuting firm providing Private Client Services, Incorporation and Management of Companies, Trusts and Foundations, Family Office, Immigration, Real Estate, Tax, E-Commerce and Intellectual Property Law.