Panama's Directorate General of Revenue (DGI) has issued a release concerning a recent Supreme Court of Justice decision on the requirement to submit a transfer pricing report (Form-930) and the penalties for failing to do so. The case concerned a multinational company registered in the Petroleum Free Zone that failed to submit a transfer pricing report for the 2012 tax period. As a result, the DGI decided to sanction the company with a penalty of PAB 1 million in 2014. The penalty for failing to submit the transfer pricing report is equal to 1% of the total amount of operations...