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Panama Tax collection reports stability

Panama: Tax collection reports stability

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According to the DGI (Dirección General de Ingresos – General Revenue Directorate) of Panama, tax collection reports stability three months before 2021 ends, despite the impact of the pandemic. 

The Director-General of Revenue, Publio de Gracia, stated “tax collection to date is 24% above what was budgeted for 2021, and 20% above the amount collected by the DGI in 2020 during the pandemic. The tax amnesty marked a positive incentive allowing taxpayers to pay more taxes than expected”.

The aforementioned Tax Amnesty became effective from April 22 of this year, encouraging taxpayers who have delinquent accounts with the tax authorities to pay their taxes.

Law No. 208 was in charge of regulating the aforementioned amnesty, allowing taxpayers to enjoy the benefits to make their payments or enter into payment arrangements, saving 85% of interests, surcharges, fines, among others.

They informed that with the tax amnesty granted by the DGI, the taxes with the highest collection are: Transfer Tax of Material Goods and Services with $44 million, $34 million in real estate, and $33 million in Legal Entity.

On the other hand, the taxes that still report delinquency to date are legal income, real estate, flat tax, and ITBMS (Impuesto de Traslado de Bienes Materiales y Servicios – Tax on the Transfer of Tangible Goods and Services)-sales.

Finally, Publio de Gracia recently stated in the accountability report that revenues increased by B/. 126.39 million, and amnesty reached B/. 176 million. The official emphasized that the State complies with the purpose of promoting the country’s economy. 

To read the complete note, follow the next source: 

Source: EcoTVPanamá 17/09/21

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