Panama's National Assembly is considering two draft bills submitted on 27 July 2020 that include measures in response to the COVID-19 pandemic. The first bill, Bill No. 358, provides for the introduction of reduced income tax rates for companies and individuals qualifying as SMEs that would apply from the 2020 fiscal year, subject to the following conditions: the SME is registered as such before the authority; the SME's gross annual income does not exceed PAB 500,000; and the SME is composed of individuals. Where a company is a qualifying SME, the draft bill provides the following progressive rates: up to...