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Legislation and Tax Practice (Unit 1. The Tax on Rent. (Specific…
Legislation and Tax Practice
Unit 1. The
Tax on
Rent.
Specific Objectives (Learning Outcomes)
• That the Participant be able to identify the object, subject and applicable rate of income tax according to the Tax Code of the Republic of Panama.
• That the Participant understands the possible exemptions and deductions from income tax according to the Tax Code of the Republic of Panama.
• That the Participant dominate the process of declaration, report and liquidation of income tax according to the Tax Code of the Republic of Panama.
• That the Participant has mastered the legal provisions related to the payment, withholding and prescription of income tax according to the Tax Code of the Republic of Panama.
1.2. Exemptions and Deductions
Article 708,
Article 709
1.1. Purpose, Subject and Tax Rate
Article 694, Article 695, Article 696, Article 697, Article 698, Article 699, Article 700, Article 701, Article 701, Article 702, Article 703, Article 704, Article 705, Article 706, Article 707.
1.3. Tax Declarations, Reports and Payments
Article 710, Article 711, Article 712, Article 713,
Article 714, Article 715, Article 716, Article 717,
Article 718, Article 719, Article 720, Article 721,
Article 722.
1.4. Payment, Withholding and Prescription of Tax
Article 727, Article 728, Article 729, Article 730, Article 731, Article 732, Article 733, Article 734, Article 735, Article 736, Article 737, Article 738.
Unit 2. Property Tax
Specific Objectives (Learning Outcomes)
• That the Participant be able to identify the object, subject and the applicable rate of real estate tax according to the Tax Code of the Republic of Panama.
• That the Participant understands the date and places of payment of the real estate tax according to the Tax Code of the Republic of Panama.
• That the Participant masters the general provisions on real estate tax contained in the Tax Code of the Republic of Panama.
• That the Participant understands the sanctions that the violation of the provisions of the Fiscal Code of the Republic of Panama on property tax would entail.
2.1. Purpose, Subject and Tax Rate
Article 763, Article 764.
2.2. Date and Places of Payment of the Tax and its Prescription
Article 786, Article 787, Article 788, Article 789, Article 790, Article 791.
2.3. General disposition
Article 792, Article 793, Article 794, Article 795, Article 796.
2.4. Sanctions
Article 797
Unit 3. Tax on the Transfer of Personal Property and the
Provision of Services (ITBMS)
Specific Objectives (Learning Outcomes)
• That the Participant is able to identify the facts that are the object of the transfer tax of personal property and services according to the Tax Code of the Republic of Panama.
• That the Participant be able to identify the subjects of the transfer tax of personal property and services according to the Tax Code of the Republic of Panama.
• That the Participant understands the tax base and the tax rate for the transfer of personal property and services according to the Tax Code of the Republic of Panama.
• That the Participant understands the exceptions to the payment of the transfer tax of personal property and services according to the Tax Code of the Republic of Panama.
3.1. Object of the Tax
Article 1057
3.2. Tax Subject
3.3. Tax Base and Rate
3.4. Exceptions and Other Provisions
Unit 4. Import and Export Tax
Specific Objectives (Learning Outcomes)
• That the Participant masters the general provisions related to the import and export tax according to the Tax Code of the Republic of Panama.
• That the Participant understands the rights and obligations related to the import and export tax according to the Fiscal Code of the Republic of Panama.
• That the Participant dominate the process of declaration of the import and export tax according to the Fiscal Code of the Republic of Panama.
• That the Participant analyze the foreign legislation regarding import and export.
4.1. Legislation Study
4.2. Rights and obligations
4.3. Tax return
Articles 545, 553, 555, 557, 561, 564 of the C.F. are the main ones for this purpose.
4.4. Foreign Legislation
Structure:
According to Art. 431 to 640 of the C.F
Import
Consists of legally introducing into the customs territory of the Republic, products from abroad or from a free zone or ports established in Panama
Export
Consists of legally issuing products from the Republic with destinations to foreign countries.
Re-export
Re-export is about the departure of foreign products, imported and then, for whatever reason, exported
Transit
It consists of the payment of foreign merchandise for national territory subject to the jurisdiction of the Republic, national not subject to that jurisdiction