CIAT: Inter American Center of Tax Administrations; Centro Interamericano de Administraciones Tributarias
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CIATData General Directorate of Revenues Last update: June 2012 Facts
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Countries
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Legislation
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Collection
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Treaties
Panama is a country located in Central America. Its population is 3,59 million inhabitants (2011). The official currency is the Balboa (B/.), but the US dollar circulates legally and has the same value. Its Gross Technical Assistance
Domestic Product (GDP) amounts to US$ 30 569,0 million (2011). Tax System (in effect in 2012) (1) According to the Fiscal Code approved through Law N° 8 (published in the Official Gazette N° 12995 el 06.29.1956) and amending rules), taxes under the authority of the of the Central Government are: 1.
Taxes
on
Income,
Profits
and
Capital
Gains
• Income Tax, contained in Title I of Book Four. 2. •
Taxes Real
Estate
Tax,
on contained
in
Properties
Title
II
of
Book
Four. Cooperation Map
• Tax on Banks, Finance Companies and Exchange Houses, contained in Title XI of Book Four. •
Company
Operation
Notice
(2)
Tax,
contained
in
Title
X
of
Book
Four.
• Real Estate Transfer Tax (3) 3.
General
Consumption
Taxes
• ITBMS – Tax on the Transfer of Goods and Services, contained in Title XXII of Book Four. 4.
Excise
Taxes
• Tax on the Consumption of Fuel and Oil Byproducts, contained in Title XIX of Book Four. •
Tax
on
Insurance,
contained
in
Title
XII
of
Book
Four.
• ISC – Excise Tax (4). 5.
Taxes
Initiative Portfolio on
Foreign
Trade
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