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LEGISLATION AND TAX PRACTICE, Legal persons established or established in…

- - - - The income of the churches of any cult or conciliar seminaries and religious or charitable societies, when such income is obtained by direct reason of the cult or charity.
        
        The income from the international maritime trade of national merchant ships legally registered in Panama, even when the transport contracts are signed in the country.
        
        The salaries and fees paid to the personnel of the consular corps accredited in the Republic, unless they belong to the country in which the personnel of the Panamanian consulates are charged any tax that directly levies their salaries and fees.
        
        Interest paid to official or semi-official institutions of international organizations or foreign governments.
        
        The sum received due to the termination of the employment relationship as notice, seniority premium, compensation, bonus and other benefits contemplated in collective agreements and individual employment contracts.
        
        The income of natural or legal persons engaged in agricultural activity that have annual gross income of less than one thousand balboas.
  - - - Taxpayer, as the term is used in this Title, is the natural or legal person, national or foreign, who receives the taxable income subject to the tax.
        
        The taxpayer's taxable income is the difference or balance that results from deducting from their gross income or general income, the deductible expenses and expenses.
        
        Gross Income is the total, without deducting any sum, of the taxpayer's income in money, in kind or in securities, consequently being included in said total the amounts received in respect of salaries, profits, leases, dividends, profits obtained in the alienation of movable and immovable property, bonds, shares and other securities issued by legal persons.
        
        Deductible expenses or expenditures are understood as the expenses or expenditures incurred in the production of income and in the conservation of its source; consequently, those expenses, costs or losses generated or caused in businesses, industries, professions, activities or investments whose income is from foreign or exempt source will not be deductible, among others.
        
        Expenses or expenditures such as donations to non-profit educational or charitable institutions of the country will also be deductible, as long as they are institutions previously approved for that purpose by the Ministry of Education, by the Ministry of Labor and Social Welfare or by the Ministry of Health as the case may be.
        
        They are not expenses or expenses incurred in the production of the income or in the conservation of its source and therefore, the personal or subsistence expenses of the taxpayer and his family, the expenses incurred or paid by reason of construction or permanent improvements made to increase the value of any real or personal property.
  - - - Together with this declaration, the taxpayer will present an estimated income statement that will be obtained in the year following the one covered by the affidavit. Said income, according to the estimated declaration, should not be less than the income indicated in the affidavit.
        
        The settlement and payment of income tax will be made in accordance with the estimated statement. The adjustment between the affidavit and the estimated return covering the same year, will be made on the date of presentation of the affidavit and if the adjustment results in a favorable balance to the State, it must be canceled no later than March 31 of that same year in any of the self-signed banking entities.
        
        The taxpayer is obliged to present a declaration of their income, except the worker who earns a single salary, natural persons who exercise professions or activities independently, whose net taxable income is one thousand balboas, or less in the respective fiscal period, always and when their gross income does not amount to more than three thousand dollars a year.
- - - - For the purposes of this article, the Notaries Public shall insert in any deed or public document that they authorize, in which the sale, assignment, donation or transmission of assets due to death, the celebration of marriage agreements, the separation of assets, the constitution or cancellation of mortgages or other real rights, or the leasing of real estate, a certificate issued by the General Internal Revenue Administration in which it is established that the property or properties in question are at peace with the Treasury for having paid this tax or for being exempt from it.
        
        The Head of the Public Registry is obliged to report weekly to the General Internal Revenue Administration on all registrations that refer to the transfer of ownership of real estate.
- - - - Transfers in marriage agreements, contributions or division of assets
        spouses.
        
        The adjudications of goods within any ordinary or special lawsuits, including the division of property lawsuits.
        
        Payments, including interest paid and received, generated by financial services, provided by entities legally authorized to provide this type
        of services.
        
        The legal professional services that are provided to people domiciled abroad, whether they are companies, private interest foundations, trusts or ships that do not generate taxable income within the Republic of Panama, as well as the legal services provided by international trade ships registered in the national merchant marine and the registration of their naval mortgages.
        
        Residential Internet access service and for entities that provide education services recognized as such by the State.
        
        For the purposes of determining the class of taxpayer in question, the basis for the classification in 1977 will be taken as the monthly average of gross income obtained in 1975.
        
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- - - - Faults: these are infractions, such as omission of data in customs documents, late payment of taxes, and cases that would constitute fraud or contraband, when the amount of taxes does not exceed
        as a general rule of B / .5.00.
        
        Fraud: it is any customs infraction, that is not contraband or misdemeanors, that implies paying less taxes than it corresponded.
        
        Smuggling: it is an offense that consists of circumventing the customs law and that may not involve tax fraud.
  - - - Import consists of legally introducing into the customs territory of the Republic, products from abroad or from a zone or free ports established in Panama.
        
        Export according to Art. 431 of the CF. it consists of legally dispatching products of the Republic (that is, national products) to foreign countries.
        
        Re-export according to Art. 590 of the C.F. All imported merchandise includes the exit of national products. Re-export refers to the exit of foreign products, imported and then, for whatever reason, are exported.
        
        Transit according to Art. 431 of the CF. It consists of the payment of foreign merchandise for national territory subject to the jurisdiction of the Republic, a national not subject to that jurisdiction.
  - - - Promotion of the reinvestment of company profits.
        
        Promotion of occupation
        
        Export promotion
        
        I encourage certain activities and their geographic decentralization
        
        Promotion of the productivity of agricultural land
  - - - When due to the error of importers, which cannot be considered as frauds, it is necessary to reach the settlements due to differences between the contents of the packages and the quantities settled, a 50% surcharge of the rate will be noted on the difference that exists .
        
        Claims on the capacity must be submitted to the head of the respective customs.
        
        Customs tax settlements must be paid within three business days from the date of issue.