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Extension to the reporting deadline for FATCA purposes

Extension to the reporting deadline for FATCA purposes

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Through Law 47, published on October 24, 2016, the Government of the Republic of Panama and the Government of the United States signed a commitment to the compliance and execution of the guidelines established in the Foreign Account Tax Compliance Act. (FATCA) to improve Panamanian tax compliance conditions.

1. Presentation and problems

Subsequent to the publication of the Regulations, Law 51 established the obligation of the institutions affected by the legislation to exchange with the administration the tax information handled by the financial institutions.

Unfortunately, due to technical failures on the web portal of the General Revenues Directorate, the institution considered it pertinent to extend the deadline for the corresponding presentation, applicable to the companies obliged by the norm to present the information suitably for the inspection of the corresponding institution.

2. Extension of the deadline

Considering the above, the General Directorate considered it pertinent to extend until August 15, 2021, the presentation of financial information to Panamanian financial institutions subject to report the information requested by the institution.

Finally, it is important to point out that the resolution displayed above will become effective as of its publication on the official website, and no administrative appeal may be filed against it.

Source: La Gaceta 03/08/21

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