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27
mei

Changes to Panama foundation taxes

The Panamanian government has increased the government tax for Panama Companies and Private Interest Foundations

Effective May 9, 2012, all new companies must pay US$300 at the moment of incorporation instead of the usual US$250; the annual government tax after the first year remains unchanged at US$300. The first annual tax for Panama Private Interest Foundations increases from $100 to US$350 at the moment of incorporation and every year thereafter will increase to US$400 yearly.

All companies that do not pay its annual maintenance fee for two consecutive years will incur on a penalty of US$300.00 in addition to the current penalty of US$50 for each year of non-payment.

Non-profit associations, Unlimited Liability Companies and unregistered Trusts will continue to be exempt from the flat tax. All entities will continue to be exempt of Panama income tax on transactions sourced outside of Panama and interest earned from bank accounts.

source:newsroompanama.com