Bufete Illueca | Lawyers in Panama has extensive experience in tax law. Our team is up to date in tax related matters. This allows us to provide an effective and efficient service to companies that are going to start their commercial operations in or from Panama.
Our services include:
In recent years, important multinational companies based in Panama have benefited from our expertise and legal advice in tax related matters. We have conducted thorough reviews of tax payments, raised complaints and inquiries before national tax authorities, and structured the legal and tax framework of new companies or branches opening in Panama.
Our experience is at your disposal if you require any of these services.
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DB 2015 Rank | 166 | DB 2014 Rank*** | 165 | Change in Rank | -1 |
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DB 2015 DTF** (% points) | 55.83 | DB 2014 DTF** (% points) | 48.60 | Change in DTF** (% points) | 48.70 |
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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 |
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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 |
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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 |
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Bill of lading |
Commercial Invoice |
Customs Import Declaration |
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