The
tax law is the branch of law that most modifications annually,
there is now more than ever it is necessary to know in depth
the legal basis of taxation, both to prevent abuse of authority,
to bring awareness to the taxpayers of the need and obligation
to contribute to public expenditure in the nation.
The Internal Revenue Code covers many areas, regulating labor
income, business or properties, as well as special rules for
specifying some areas.
In Panama we have no income taxes, many gains are treated
as an income (annuity).
The most important taxes for merchants are:
1. Income tax
2. Transfer tax of goods and services (ITBMS) or value added
tax (VAT)
The tax system in Panama is territorial, and income generated
outside Panama are not taxable. This tax system has many advantages
for people who want to establish an international business
from Panama.
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