Panama is a 100% "tax haven". Non-resident Panama Corporations offer the following tax advantages:
No tax reporting requirements.
• No income tax.
• No capital gains tax.
• No interest income tax.
• No sales tax.
• No tax on issuance of corporate shares.
• No tax to shareholders.
• No stock sale or transfer tax.
• No capital stock tax.
• No property tax.
• No estate tax.
• gift tax.
• stamp tax.
• succession tax.
• No inventory tax
Flat Annual Corporate Franchise Tax
The only tax paid by Panama Corporations (or Foundations) is the flat annual corporate franchise tax of US$250.
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 ("taza unica") from US$150.00 per year to US$250.00 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 ("taza unica") is not paid on or before the due dates mentioned above, the entity be 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 ("taza 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. |
