Panama: New income tax return form for taxpayers in Colon Free Zone

The General Directorate of Revenue has implemented a new income tax return form for taxpayers who operate within the Colon Free Zone which is available in the eTax 2.0 system. The new form must be used to file the income tax return for the 2024 fiscal period.

To access the new declaration form, the taxpayer must update their status as a Colon Free Zone user in the eTax 2.0 system. If this status is not kept up to date, the taxpayer must appear at the General Directorate of Revenue and present the following documents:

• An application for registration of special conditions in the Colon Free Zone (in-person procedure carried out through a legal representative)
• A power of attorney duly authenticated before a notary public granted by the taxpayer's legal representative to a lawyer
• An explanatory memorandum, signed by the lawyer, addressed to the General Revenue Directorate, requesting the registration of special conditions for companies that operate with an operating code in the Colon Free Zone
• A copy of the resolution issued by the administration of the Colon Free Zone where the taxpayer is authorized to operate within the Colon Free Zone
• A public registry certificate of the company
• A copy of the ID of the legal representative
• A copy of the ID and suitability of the lawyer

Read a January 2025 report (Spanish) prepared by the KPMG member firm in Panama