New form and tax code for SEM withholdings effective February 12, 2025
The Ministry of Economy and Finance, through the General Directorate of Revenue, on February 5, 2025, issued a resolution adopting Form 1119 V.1 for the “SEM Withholding Tax Return” and enabling Tax Code 958 for the payment of SEM withholdings in the “International Taxation Payments slip.”
These implementations took effect on February 12, 2025, following their publication in the Official Gazette.
Read a February 2025 report prepared by the KPMG member firm in Panama