Legislation and taxation practice (Income Tax (Object, subject and rate of…
Legislation and taxation practice
Object, subject and rate of tax
Art. 697 al Art. 701
Legal persons will pay for its net income taxable of fiscal year 1995 and in the following years, the tax on the income of agreement with a fee of thirty percent (30%).
After applying the deductions established in the article 709, from the year 1992 the natural persons will pay for its taxable clear revenue the Income tax in accordance with the tariff.
When for any reason the taxpayer leave deduction of expenses for an (1) taxable year, they may not be deducted from the income of any subsequent year.
Art. 695 y Art. 696
Income taxd the taxpayer is the difference or balance that is to deduct from their gross income or general revenue, expenditure and expenditure deductible.
Object of this tax is the taxable income that takes place, of any source, inside the territory of the Republic of Panama be which it will be the place where it is perceived.
Art. del 702 al 707
For the purposes of the annual tax, the taxable year covers a period of twelve (12) months
The taxes in charge of a person caused to the time of its death will be already covered by its heirs like a debt of the succession.
Exencia and deductions
Article 708. Will not cause the tax.
The income of the State, municipalities, associations of municipalities and their autonomous or semi-autonomous institutions
The revenues of the churches of any cult or council seminars and religious societies or of charity, when these revenues are obtained for direct reason of the cult or of the charity.
The revenues of the asylums, hospices, orphan-asylums.
The participant will be able to identify the object, the subject and the applicable fare from the income tax according to the Fiscal Code of the Rep. of Panama.
The participant understands the exemptions and possible deductions to income tax according to the Fiscal Code of the Rep. of Panama.
The participant dominate the process of declaration, report and liquidation of income tax according to the Fiscal Code of the Rep. of Panama.
The participant dominate the legal provisions relating to the payment, withholding and prescription of income tax according to the Fiscal Code of the Rep. of Panama.
Payment, withholding and prescription
Art. 727 al Art. 738
The revenues declarations will be able to be produced in forms
The tax on the salary, salary or remuneration of services
personnels in the cases of the article 704 of this Code it will be paid in the month
following that one in which the salary, salary or remuneration has been earned
Declaration, report and liquidation
Art. 710 al Art. 722
Made by the Directorate General of income, or using electromagnetic systems of computing, at the choice of the taxpayer.
Import Tax and export
Rights and Obligations
According to the Title VII of the Third Book of the Fiscal Code identifies three types of customs infractions:
Articles 545, 553, 555, 557, 561, 564 of C.F. are the main to effect.
Study of Legislation
There will be able to request and take refuge to the benefits of the law all the persons who export produced or elaborated not traditional goods whole or partially in Panama
Are not considered non-traditional products:
C) Honey and cane molasses d) cocoa beans
A) Cane Sugar b) bananas in fruit and mashed bananas
E) Coffee in gold (grain) f) shrimps fresh chilled or frozen
Non-traditional products. Were considered as such those who:
Have a national content of at least 20% of the cost of manufacturing or production and contain at least one national aggregate assets of 20%; or
Have a national content of at least 10 per cent in the cost of manufacture or production, always and when they are located outside the metropolitan area, as determined by the regulations issued by the Executive Body
That the Participant understands the rights and obligations relative to the tax of import and exportation as the Fiscal Code of the Republic of Panama.
That the Participant dominate the process of declaration of import tax and export according to the Fiscal Code of the Republic of Panama.
That the Participant dominate the general provisions relating to the taxation of imports and exports according to the Fiscal Code of the Republic of Panama.
That the Participant analyze foreign legislation concerning the import and export.
Subject of tax
Paragraph 4. Are taxpayers of this tax:
The natural persons, the societies with or without personería juridical that, in the exercise of its activities, realize the aggrieved facts and operate like transferors of corporal goods furniture and/or like services lenders.
Tax Base and fare.
Paragraph 5. The tax base is:
In transfers of property: is the price. This price will be integrated with all the amounts charged to the buyer or borrower as fringe benefits that make the taxpayer and that benefit the acquirer, such as transportation, freight containers, interest in financing, either that are invoiced in jointly or separately.
Exceptions and Other Provisions
PARAGRAFO 8. Are exempt from this tax:
Export and re-export of goods
Goods inside the free areas and of those who are in customs enclosures.
Transfers of: 1. Agricultural products in their natural state.
Soft drinks. Among other things
Paragraph 7. Will not cause this tax:
The transmissions in marriage contracts, contributions or division of conjugal goods.
The payments and interest of the contributions to pension funds, unemployment funds, mutual funds and other means of savings.
That the Participant is capable of identifying the subjects of the tax of transference of real estates and services as the Fiscal Code of the Republic of Panama.
That the Participant understands the tax base and the tariff of the tax of transference of real estates and services as the Fiscal Code of the Republic of Panama
That the Participant is capable of identifying the facts that are an object of the tax of transference of real estates and services as the Fiscal Code of the Republic of Panama.
That the Participant understands the exceptions to the payment of the tax of transference of real estates and services as the Fiscal Code of the Republic of Panama.
Object of the Tax
There establishes a Tax on the Transference of Corporal Goods Furniture and the Rendering of service (ITBMS) that are carried out in the Republic of Panama.
Real estate tax
Date and places of the tax payment and your prescription
Article 786 to 791
The tax corresponding to one (1) year may be paid in three (3) assessments or items. The payment of the first installment or departure must be made no later than the thirtieth of April; the second, no later than thirty and one of August, the third at the latest; the thirty-first of December.
The obligation to pay the tax prescribed for the ten years from the last day of the year in which had to be paid.
In the event of claims on the amount of the tax the term will begin has run when it has decided the claim.
Article 792 al 796
Los funcionarios encargados de expedir permisos para levantar
construcciones, refaccionarlas o repararlas, están obligados a remitir mensualmente a la Comisión Catastral y a la Administración General de Rentas Internas una lista de
las autorizaciones otorgadas, con los datos que dichas oficinas determinen.
Object, subject and rate of tax
There are an object of the Tax of Real estate all the areas placed in the jurisdictional territory of the Republic, as well as the buildings and other made permanent constructions or that were done on the above mentioned areas; have these or not Title of Property, inscribed in the Public Record of Property.
The following real estate is excepted of this tax:
The of the autonomous institutions or semi-autonomous from the State, subject to Their laws own;
The destined ones or that are assined to the public charity or to the social work, without any lucre end;
The violators of the provisions of this Title shall be punished by a fine of not less than B/.25.00 or higher B/.500.00, depending on the seriousness of the infringement.
The participant is capable of identifying the object, subject and the applicable tariff of the tax of real estate as the Fiscal Code of the Republic of Panama.
The participant dominates the general dispositions on the tax of
real estate contained in the Fiscal Code of the Republic of Panama.
The participant understands and the date and place of the tax payment of Buildings according to the Fiscal Code of the Republic of Panama.
The participant understands the sanctions that the violation of the
would transport dispositions of the Fiscal Code of the Republic of Panama on the tax of real estate.