Tax amnesty law is extended
The Executive Decree No. 512 of 23 September 2020 and listed in the Official Gazette of Panama formalize the extension of the benefits of the law Tax Amnesty granted to natural and legal persons, are provided with more time to meet payment of your tax obligations, due as of February 29, 2020.
This regulation allow taxpayers to reorganize their finances to maintain jobs, cancel debts to suppliers, be part of the economic reactivation promoted by the Government and improve tax collection.
Through the DGI of the MEF, the proposal promoted by the Executive states that, if the taxpayer obliged to pay taxes in a delinquency condition complies with it before December 31, 2020, up to 85% of the full interest, surcharges and penalties.
To continue supporting the population in the moments of national health emergency, the norm establishes the possibility of availing themselves of a new payment arrangement by paying 25% of the nominal tax owed, and if the payment agreement is made before the December 31, 2020, 85% of all interest, surcharges and penalties will be waived.
Additionally, the term to comply with the entire debt was extended, as a result of the payment agreements entered into by taxpayers with the Tax Administration. If the agreement was signed before February 29, 2020, there is an extended period until December 31, 2021 to pay the total amount owed to the DGI, and those that are signed after February 29, 2020 must be canceled by April 30, 2021.
The regulations empower the MEF, through the DGI, to collaborate with the local banks so that they consider granting credit facilities to taxpayers, with which it seeks to obtain benefits to support the payment of taxes, banking and increase the recaudation.
The beneficiaries can go the General Directorate of Income website (dgi.mef.gob.pa), to enter the e-Tax 2.0 system, and take advantage of all the benefits of the extension of the tax amnesty law.
The Executive Decree of the MEF, sanctioned by President Laurentino Cortizo, modifies Decree 553 of November 19, 2019, in turn modified and added by 257 of April 3, 2020, which regulates Law 99 of 11 October 2019, regarding the general tax amnesty for the payment of taxes under the jurisdiction of the General Directorate of Revenue (DGI).
Through the DGI of the MEF, the proposal promoted by the Executive states that, if the taxpayer obliged to pay taxes in a delinquency condition complies with it before December 31, 2020, up to 85% of the full interest, surcharges and penalties.
To continue supporting the population in the moments of national health emergency, the norm establishes the possibility of availing themselves of a new payment arrangement by paying 25% of the nominal tax owed, and if the payment agreement is made before the December 31, 2020, 85% of all interest, surcharges and penalties will be waived.
Additionally, the term to comply with the entire debt was extended, as a result of the payment agreements entered into by taxpayers with the Tax Administration. If the agreement was signed before February 29, 2020, there is an extended period until December 31, 2021 to pay the total amount owed to the DGI, and those that are signed after February 29, 2020 must be canceled by April 30, 2021.
The regulations empower the MEF, through the DGI, to collaborate with the local banks so that they consider granting credit facilities to taxpayers, with which it seeks to obtain benefits to support the payment of taxes, banking and increase the recaudation.
The beneficiaries can go the General Directorate of Income website (dgi.mef.gob.pa), to enter the e-Tax 2.0 system, and take advantage of all the benefits of the extension of the tax amnesty law.
The Executive Decree of the MEF, sanctioned by President Laurentino Cortizo, modifies Decree 553 of November 19, 2019, in turn modified and added by 257 of April 3, 2020, which regulates Law 99 of 11 October 2019, regarding the general tax amnesty for the payment of taxes under the jurisdiction of the General Directorate of Revenue (DGI).