GoldenGem Network > Inicio > Our Services > Tax Law – Lawyers in Panama > Advice and implementation of legal and accounting controls

Advice and implementation of legal and accounting controls

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.

Expertos en esta área:

 

 

[accordion]
[toggle title=”Estadísticas e indicadores relevantes”]

[tabs] [tab title=”Paying Taxes”]

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”]

Trading Across Borders

DB 2015 Rank 91.25 DB 2014 Rank*** 8 Change in Rank -1
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

[/tab] [/tabs]

[/toggle]
[/accordion]