RULE 1: CATEGORIES

From now on your entity must be defined in Panama under one of the following CATEGORIES:

  • PANAMANIAN SOURCE
  • FOREIGN SOURCE
  • NON-TAXABLE EXEMPT SOURCE

RULE 2: DATA UPDATE

To categorize your Foundation or Corporation, you must update the “Activity of your Entity” in the E-TAX system of the DGI in Panama, by means of the “RUC” and “NIT” number. This can be done directly by your accountant. You can also send us the “RUC” and “NIT” number of your entity to update. If you do not have the mentioned numbers, you must inform us to immediately request them.

IMPORTANT: deadline to update your company is August 31, 2022.

RULE 3: ANNUAL STATEMENTS:

Depending on the category, you must file “ANNUAL DECLARATION before the DGI of Panama”. This may or may not have tax obligations “depending” on the category of your entity, since some are “EXEMPT”, but this DECLARATION MUST BE FILED every year, through an Accountant annually (even “without operations” if applicable).

RULE 4: ACCOUNTING RECORDS:

The new rules will also require you to keep BOOKS OF ACCOUNTING RECORDS, even if your company or foundation only owns property. These must be prepared through an accountant in Panama.

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