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Income tax (Subject, Subject and Rate (Article 694. This tax is subject…
Income tax
Subject, Subject and Rate
Article 694. This tax is subject to taxable income arising, from source, within the territory of the Republic of Panama, regardless of the place where it is received.
Article 695. Taxable income of the taxpayer is the difference or balance that results when deducting deductible expenses and expenses from gross income or general income.
Article 696. Gross income is the total, without deducting any amount, of the income of the taxpayer in money, in kind or in money.
Article 697. Expenses or expenses deductible, costs or expenses incurred in the production of income and in the conservation of its source are included.
Article 698. When for any reason the taxpayer fails to deduct expenses corresponding to a taxable year, they can not be deducted from the income of any previous year.
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Article 706. The tax on the taxable income of legal persons will fall on what they obtain during the taxable year without deducing from it what for dividends.
Article 707. Taxes charged by a person already caused at the time of his death shall be covered by his heirs as a debt of succession.
Tax Declarations, Reports and Settlements
Article 710 Every taxpayer is required to submit, either personally or through proxy or representative, an affidavit of income.
Article 711 Income statements may be submitted in forms prepared by the general revenue directorate or by means of electromagnetic computing systems, at the taxpayer's choice.
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Payment, Withholding and Pre-tax
Article 727 Except as provided in article 710, the amount of tax may be a single account or in 3 equal items.
Article 728. The entire part of the tax referred to in article 720 of this code and the totality of the tax referred to in article 746 shall be paid with a surcharge of ten percent.