Panama's Ministry of Finance recently issued Executive Decree No. 173, which amends the requirements for taxpayers to be designated as withholding agents for VAT (ITBMS) purposes. The main change is a reduction in the threshold for being designated as a VAT withholding agent from PAB (USD) 5 million in acquired goods or services in the previous year to PAB (USD) 3 million. As designated withholding agents, taxpayers must withhold 50% of the VAT (ITBMS) included in the invoices issued to them by each supplier, and remit the amount withheld to the Directorate General of Revenue (DGI). Executive Decree No. 173...