We are pleased to inform you that the government of the Republic of Panama has enacted Law No. 401 on October 5, 2023 which establishes a special temporary measure providing a 25% discount on the Annual Government Tax for Panamanian private interest foundations and corporations that render their payment before November 30, 2023.Article 21 of this law states the following:
“A 25% discount rate will be granted to all taxpayers who, upon the entry into force of this Law and before November 30, 2023, pay 100% of the corresponding government tax for the 2025 fiscal year. The taxpayer seeking to enjoy the benefit provided in this article must have settled the total tax due corresponding to the current year.”Other significant benefits granted by this Law include:
- A 50% waiver of penalties if the remaining 50% of penalties is paid before November 30, 2023.
- Exemption from interest and surcharges, if taxes, penalties or special contributions, and outstanding fines are paid before November 30, 2023.
This new Law offers you the opportunity to settle your tax obligations and reinstate your active status without incurring surcharges, for those corporations and foundations that have been suspended due to overdue payment of their annual government tax.
To take advantage of this savings opportunity, please feel free to contact our Customer Service team at: [email protected].