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Panama Ministry of Finance Submitting Draft Bill to Extend Tax Amnesty and Other Relief

02 March 2021

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Proposed Changes

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Panama

According to recent reports, Panama's Cabinet has authorized the Ministry of Finance to submit a draft bill in the National Assembly providing for an extension of the general tax amnesty and other relief. Measures include: An extension of the general tax amnesty with 85% relief from interest, surcharges, and fines (penalty relief) in respect of taxes due up to 31 December 2020 if paid in full by 31 July 2021; An extension of the installment payment facility for payment agreements entered into by 31 July 2021, provided that final payment is made by 31 December 2021; Prior installment payment agreements...