Many companies face challenges such as a lack of information exchange between the legal and accounting departments, and the absence of specific control mechanisms.
Other issues include the management of dividends, transfer tax payment, income statements, taxable and non-taxable income, which will depend on the legal structure of the company. The constant feedback between the legal and accounting departments of a company is vital for its profitability.
Our team has extensive experience in coordinating the establishment of legal and tax controls. We also provide advice on tax management to various multinational companies, while presenting reports that reflect on advantages, applicable rules and correct procedures.
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[tabs] [tab title=”Paying Taxes”]
DB 2015 Rank | 166 | DB 2014 Rank*** | 165 | Change in Rank | -1 |
---|
DB 2015 DTF** (% points) | 55.83 | DB 2014 DTF** (% points) | 48.60 | Change in DTF** (% points) | 48.70 |
---|
Indicator | Panama | Latin America & Caribbean | OECD |
---|---|---|---|
Payments (number per year) | 52.0 | 29.9 | 11.8 |
Time (hours per year) | 417.0 | 365.8 | 175.4 |
Profit tax (%) | 12.4 | 20.7 | 16.4 |
Labor tax and contributions (%) | 20.0 | 14.7 | 23.0 |
Other taxes (%) | 4.8 | 12.9 | 1.9 |
Total tax rate (% profit) | 37.2 | 48.3 | 41.3 |
Tax or mandatory contribution | Payments (number) | Notes on Payments | Time (hours) | Statutory tax rate | Tax base | Total tax rate (% profit) | Notes on TTR |
---|---|---|---|---|---|---|---|
Employer paid – Social security contributions | 12 | paid jointly | 144 | 12.25% | gross salaries | 13.82 | |
Corporate income tax | 4 | 83 | 25% | taxable profit | 12.39 | ||
Employer paid – Professional risk insurance | 0 | 2.1% | gross salaries | 2.37 | |||
Employer paid – Workers’ severance payments | 4 | 1.92% | gross salaries | 2.17 | |||
Employer paid – Education contribution | 0 | 1.5% | gross salaries | 1.69 | |||
Commercial license tax | 0 | paid jointly | 2% | net worth | 1.59 | ||
Real estate tax | 3 | 0% to 2.1% | real estate value | 1.24 | |||
Transfer tax | 1 | various rates | sales price | 1.21 | |||
Municipal Business Tax | 12 | 375 per month | fixed fee | 0.67 | |||
Capital gains tax | 1 | various rates | capital gains | 0.51 | included in other taxes | ||
Advertising tax | 0 | paid jointly | USD15 per ad per month | 0.03 | |||
Vehicle tax | 1 | fixed fee | 0.02 | ||||
Stamp tax on check transactions | 1 | 10 cents per check | number of checks | 0.00 | |||
Value added tax (VAT) | 12 | 190 | 7% | value added | 0.00 | not included | |
Fuel tax | 1 | 0.25 per gallon | 0.00 | ||||
Employee paid – Social security contributions | 0 | paid jointly | 9.75% | gross salaries | 0.00 | withheld | |
Employee paid – Education contribution | 0 | paid jointly | 1.25% | gross salaries | 0.00 | withheld | |
Totals: | 52.0 | 417.0 | 37.2 |
[/tab] [tab title=”Trading Across Borders”]
DB 2015 Rank | 91.25 | DB 2014 Rank*** | 8 | Change in Rank | -1 |
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DB 2015 DTF** (% points) | 91.25 | DB 2014 DTF** (% points) | 92.09 | Change in DTF** (% points) | -0.84 |
---|
Indicator | Panama | Latin America & Caribbean | OECD |
---|---|---|---|
Documents to export (number) | 3 | 6 | 4 |
Time to export (days) | 10.0 | 16.8 | 10.5 |
Cost to export (US$ per container) | 665.0 | 1,299.1 | 1,080.3 |
Cost to export (deflated US$ per container) | 665.0 | 1,299.1 | 1,080.3 |
Documents to import (number) | 3 | 7 | 4 |
Time to import (days) | 9.0 | 18.7 | 9.6 |
Cost to import (US$ per container) | 1,030.0 | 1,691.1 | 1,100.4 |
Cost to import (deflated US$ per container) | 1,030.0 | 1,691.1 | 1,100.4 |
Nature of Export Procedures | Duration (days) | US$ Cost |
---|---|---|
Documents preparation | 5 | 160 |
Customs clearance and inspections | 1 | 50 |
Ports and terminal handling | 1 | 65 |
Inland transportation and handling | 3 | 390 |
Totals | 10 | 665 |
Nature of Import Procedures | Duration (days) | US$ Cost |
---|---|---|
Documents preparation | 6 | 150 |
Customs clearance and inspections | 1 | 225 |
Ports and terminal handling | 1 | 265 |
Inland transportation and handling | 1 | 390 |
Totals | 9 | 1,030 |
Export documents |
---|
Bill of Lading |
Commercial Invoice |
Customs Export Declaration |
Import documents |
---|
Bill of lading |
Commercial Invoice |
Customs Import Declaration |
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