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Tax Law and Practice - Coggle Diagram
Tax Law and Practice
Income Tax
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Declarations, Reports and Tax Settlements
Every taxpayer is obliged to present, personally or through a proxy or representative, a sworn statement of the income that he has obtained during the previous taxable year, as well as the dividends or participations that he has distributed among his shareholders or partners, and the interests paid to their
Object, Subject and Tax Rate
The taxable income that is produced, from any source, within the territory of the Republic of Panama is subject to this tax, regardless of the place where it is received.
Tax Payment, Withholding and Prescription
Except as provided in article 710, the amount of the tax can be paid in a single cash or in three (3) equal items, in which case payments must be made no later than the following dates: the first item, on 30 must be made no later than the following dates: the first game, the 30th of
Property Tax
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General disposition.
In the Public Registry, no registration will be made regarding real estate subject to this tax until it is verified that the property is in peace with the Treasury.
Object, Subject and Tax Rate
All land located in the jurisdictional territory of the Republic, as well as buildings and other permanent constructions made or to be made on said land are subject to the Property Tax; whether or not they have a Property Title, registered in the Public Property Registry.
Sanctions
Violators of the provisions of this Title will be sanctioned with a fine not less than B / .25.00 nor greater than B / .500.00, depending on the seriousness of the offense committed.
ITBMS
Tax subject
Natural persons, companies with or without legal status.
The importer for his own account or for someone else
Tax Base and Rate
In the transfer of goods: it is the price. In the swap: the amount of the benefit of more value. In payments in payment, in contributions to companies In imports
Purpose of the Tax
A Tax on the Transfer of Personal Property and the Provision of Services (ITBMS) that is carried out in the Republic of Panama is established.
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Import and Export Tax
Rights and obligations
According to Title VII of the Third Book of the Tax Code, three types of customs offenses are identified: misdemeanors, fraud and smuggling. Each of them is assigned the respective sanctions.
Tax return.
Articles 545, 553, 555, 557, 561, 564 of the C.F. they are the main ones to the effect.
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Foreign Legislation
The main norms are contained in the fiscal code (third book and title II of the seventh book), as well as in the import tariff (decree law No. 25 of 1957) and subsequent modifications