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INCOME TAX, Tax on the Transfer of Movable Tangible Assets and the …

- - - - The income of natural or legal persons who by virtue of Public Treaties or contracts authorized or approved by the Law are exempt from the payment of the
        tax;
      - b. The income of the State, of the Municipalities, of the Associations of Municipalities and of their autonomous or semi-autonomous institutions;
      - c. The income of the churches of any cult or council seminaries and religious or charitable societies, when such income is obtained by direct reason of the
        worship or charity;
      - d. Income from nursing homes, hospices, orphanages, churches, foundations and associations
        non profit
      - Income from the international maritime trade of merchant ships
        nationals legally registered in Panama
      - F. The interests that are paid or credited on the securities issued by the State and
        the profits from its disposal;
      - g. The prizes paid by the State Lotteries and the profits obtained in the
        games of luck and chance and in bets and prizes won in exploited activities
        For the state
      - h. The sums received as compensation for accidents at work and
        insurance in general, alimony and benefits paid by the Caja de
        Social Security because of the risks it assumes
      - k. The salaries and fees paid to the personnel of the consular corps accredited in the
        Republic, unless they belong
- - - - to. The transfer of personal property carried out by merchants,
        producers or industrialists in the development of their activity, which implies or has the purpose of transmitting the ownership of movable tangible assets.
        
        They are included in the concept of transfer of tangible assets,
        operations such as:
        
        The sale, exchange, dation in payment, contribution to companies, assignment or any
        another act, contract or convention that has the purpose stated above.
        
        The impact on the use or personal consumption of the assets of the sole proprietorship,
        of companies or entities with or without legal status, by the owner,
        
        Contracts of promise of sale with transfer of possession of the
        good.
        
        The awards to the owner, partners and shareholders, which are carried out as
        consequence of the definitive closure of the company, total or partial dissolution and definitive liquidations of commercial, industrial or service entities.
        
        b. The provision of all kinds of services by merchants, producers, industrialists,
        professionals, lessors of goods and service providers in general, excluding those of a personal nature that are provided in a dependency relationship.
        
        c. The importation of personal property or merchandise, whether
        intended for the introducer's personal use or consumption, whether for charitable, cult, educational, scientific or commercial purposes, whether
        are used in the transformation, improvement or production of other goods and for any improvement or production of other goods and for any
        lawful object under the laws.
  - - - b. In the provision of services, with any of the following acts, the one that occurs
        First:
        
        Issuance of the corresponding invoice.
        
        Termination of the service provided.
        
        Perception of the total or partial payment of the service to be provided.
- - - - 2.-Those of the autonomous or semi-autonomous institutions of the State, subject to
        its own legal provisions;
- - - - Have a minimum national content of 20% of the manufacturing cost or
        production and contain at least a national added value of 20%; or
      - Have a minimum national content of 10% in the cost of manufacturing or
        production, as long as they are located outside the metropolitan area, as determined by the regulations issued by the body
        executive.
    - - a) Cane sugar
        
        b) Banana fruit and banana puree
        
        c) Honey and cane molasses
        
        d) Cocoa beans
        
        e) Coffee in gold (grain)
        
        f) Fresh chilled or frozen shrimp
        
        g) Beef meat, fresh, chilled or frozen
        
        h) Leather of raw cattle
        
        i) Lumber
        
        j) Live cattle, pigs and horses, except fine breed
        
        k) Fish meal
        
        l) Other fish and marine animal oils
        
        m) Scrap
        
        n) Raw Tortoise
        
        o) Fruit extracts (citrus)
        
        p) Oil and its derivatives sales to