Panama: Updated tax compliance deadlines and regulatory requirements
Tax developments include a deadline extension and new regulatory obligations for resident agents and legal entities
Recent tax developments in Panama include a deadline extension and new regulatory obligations for resident agents and legal entities.
- The tax authority on December 30, 2024, issued a resolution (Spanish) extending the deadline for resident agents to submit an affidavit listing the legal entities they represent to March 31, 2025, from the previous deadline of December 31, 2024. This extension was formalized in Resolution 201-9360 of 2024, published in the Official Gazette.
- The Ministry of Economy and Finance in Panama issued a decree (Spanish) regulating the obligation for legal entities to maintain accounting records and provide them to their resident agents, as per Law 52 of 2016, amended by Law 254 of 2021. Under this decree, legal entities must submit specific documentation annually by April 30. Additionally, resident agents are required to file an affidavit listing the entities they represent by July 15 each year, starting in 2025.
For more information, contact a KPMG tax professional in Panama:
Jair Montufar | jmontufar@kpmg.com