Relevant Results
Sorry, there are no results matching your search.
Autocomplete suggestions are available. Use up and down arrows to review and enter to select.
See more results

Panama: Tax amnesty for payment of national taxes

Tax amnesty period until December 31, 2024, for payment of interests and penalties accrued

Share
November 7, 2024

Law 446 of 2024 (previously Bill 139) was published on October 28, 2024—in Official Gazette No. 30149-C—granting a tax amnesty period until December 31, 2024, for the payment of interests and penalties accrued for the following national taxes:

  • Income tax
  • Property tax
  • Operation notice tax
  • Transfer tax on tangible goods and service provision (ITBMS)
  • Excise tax (ISC)
  • Corporate tax for legal entities, along with penalties and the fine for the reinstatement of this tax

This amnesty period will apply to any taxpayer (individual or legal entity), as well as properties that are in arrears for taxes, fees, or special contributions in the administrative or enforced collection phase as of the effective date of this law.

Taxpayers acting as withholding agents, who are in arrears for taxes withheld in income tax and educational tax will also be eligible for this amnesty period, but for periods up to June 2024, and by paying directly to the DGI (Direccion General de Ingresos) by December 31, 2024.

Unlike previous amnesty periods, this one does not include an exemption or reduction of fines for the late filing of tax returns, forms, or any other formal obligations outside the term provided in the respective regulations.

Read a November 2024 report prepared by the KPMG member firm in Panama

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.

KPMG. Make the Difference.


Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

© 2025 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP\'s . Privacy Statement

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Search now!

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Submit

Office locations

View locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Learn more

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Contact

Headline