Panama: Period for satisfying some tax obligations is extended to 13 January 2023
The Ministry of Economy and Finance granted an additional period for satisfying certain taxes payable as of 31 December 2022.
Period for satisfying some tax obligations is extended to 13 January 2023
The Ministry of Economy and Finance—through Executive Decree No. 1 of 4 January 2023—granted an additional period for satisfying certain taxes payable as of 31 December 2022.
The decree states an additional period is granted, until 13 January 2023, for the satisfaction of certain tax obligations that could otherwise generate interest, surcharges and fines.
The DGI has communicated that this decree covers the taxes corresponding to the year 2022 and those included in Law 337 (14 November 2022), which established a temporary option for taxpayers to enter into tax paying agreements with DGI.
The following are subject to the extension:
- Direct and indirect national taxes
- Special contributions
- Any other money debts, liquid and demandable, due from a natural or legal person, as well as from real estate to the DGI
Those whose obligation arises as withholding agents are excepted, which include:
- Income tax withheld from employees
- Income tax withheld from non-residents
- Movable goods and services transfer tax (ITBMS) withheld from non-residents
- ITBMS withheld by the state
- ITBMS retained by local withholding agents
- Dividend tax
With this new extension, taxpayers are given additional time to fulfill their tax responsibilities and take advantage of the benefits of the moratorium established in Law 337 of 2022.
Read a January 2023 report [PDF 146 KB] prepared by the KPMG member firm in Panama
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