Panama has published Law No. 57 of 24 October 2018 in the Official Gazette, which provides for the amendment of the country's Multinational Enterprises Headquarters regime (Sedes de Empresas Multinacionales - SEM) to improve the regime and comply with BEPS Action 5 (Harmful Tax Practices). The measures of the law include: New requirements to obtain an SEM license, with the commission for licensing companies to establish exact requirements (original draft included a minimum of 5 full-time employees and annual operating expense in Panama of at least PAB 500,000 (USD 500,000), but this is not included in the law as published);...