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Flat Annual Corporate Franchise Tax |
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The only tax paid by Panama Corporations (or Foundations) is the flat annual corporate franchise tax of US$250 that has been raised to US$300. Remember that the tax free regime is if they do not perform any commercial transactions in Panama and/or benefit a Panamanian citizen.
As of the 26th of December 2002, through new law number 61 of 2002, the government of Panama has officially raised the flat annual corporate franchise tax ("tasa unica") from US$150.00 per year to US$250.00 per year. Please recall that the tax is raised to US$300.00 per year. According to the Law, the corporate franchise tax payment deadlines are as follows: Incorporation Date | Tax Payment Deadline | 1 January - 30 June | 30 June | 1 July - 31 December | 31 December |
Late Payment Penalty: If the flat annual corporate franchise tax ("tasa unica") is not paid on or before the due dates mentioned above, the entity is charged a late penalty of US$50.00 per year that the tax is not paid. Second Late Payment Penalty: If the flat annual corporate franchise tax ("tasa unica") is not paid after 1 "deadline" period, the entity will be charged a second late penalty of US$250.00. The above applies to all "entities" (corporations, foundations, or trusts) registered at the public registry of Panama.
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