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An improvement in Panama's tax collection is reported

An improvement in Panama’s tax collection is reported

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The DGI (Dirección General de Ingresos – General Revenue Directorate) reported that July closed with a positive collection, the figures already exceed the budget. On August 31, the tax amnesty expires in Panama for the payment of taxes generated before January 31, 2021. 

“Compared to the budget of around 27% over the budget and the budget of the last year with 17%, are important symptoms considering that we have already exceeded half of the year, the following months look very positive, due to the economic recovery,” said Publio De Gracia, director of the DGI.

They state the possibility of the beginning of an economic reactivation in Panama, in addition to the fact they are close to reaching the issue of indirect taxes, especially the ITBMS (Impuesto a la Transferencia de Bienes corporales Muebles y prestación de Servicios – Transfer Tax on personal Property and the provision of services or also called.

Tax Amnesty

Taxpayers are advised to take advantage of the Tax Amnesty until 31 of this month for the payment of taxes generated before January 31, 2021, condoning the law 85% in surcharges, interest, and fines of taxes generated before January 31, 2021, to those who apply for the Tax Amnesty before the expiration date, and for the Amnesty to be effective, the taxpayer must pay the nominal amount of the tax and 15% of the surcharges, interest, and fines.

Based on the tax penalties specifically indicated in the law, 75% of the fine will be condoned without the need to apply, just by paying 25% of the fine generated and loaded in the e-Tax 2.0 system. Likewise, they will have until December 31, 2021, to pay the balance.

Source: Eco Tv Panamá 18/08/21

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