Panama's Ministry of Economy and Finance has announced government approval for a bill that includes measures to make tax fraud a criminal offense that will be submitted in the next period of the National Assembly. The measures of the bill provide that any amounts defrauded in excess of PAB (USD) 300,000 in a fiscal period will be considered tax fraud that may result in imprisonment of 2 to 5 years and a fine up to 10 times the amount defrauded. However, a one-time reprieve for each natural or legal person may be provided if the defrauded tax obligation is paid.