jueves, 18 de marzo de 2010


By: Felipe Argote

In my article published last week: "Summary of Tax Reforms 2010" I have structured the points that vary the original synthesis. It is possible that because the extensive of the document some modifications have been overlooked. I hope it's:

* Legal entities, pay on taxable net income calculated according to the method set:
• From l January 2010                       27.5%
• From 2011 and onwards                 25%

* Legal entities whose main activity is the generation and distribution of electricity; telecommunications services in general insurance, reinsurance, financial regulated by Law 42 of 2001, cement manufacturing, operation and management of games of chance and chance, mining in general and people who engage in the business of banking in Panama will pay income tax on net taxable income calculated by the method established the following rates:
• from January 1, 2010 30%
• Effective January 1, 2012                      27.5%
• Effective January 1, 2014                      25%

* Enterprises in which the state has a stake greater than forty percent (40%) of the shares will pay income tax at the rate of thirty percent (30%).

* Agricultural activities in respect of tax paid on income are greater than the sum of:
• Taxable net income calculated by the method prescribed in this Title, or
• Taxable net income resulting from applying to the total taxable income, the annual progressive rate follows:
o 2010 2%
o 2011 3%
o 2012 4%
o 2013 4.67%

* Contributions are levied in respect of entertainment expenses are subject to withholding of income tax as detailed below:

• Up B/.25, 000.00 pay 10%.

• Of more than B/.25, 000.00, pay B/.2, 500.00 for the first B/.25, 000.00 and a rate of 15% on the excess.

* Do not pay income tax natural persons or legal entities engaged in agricultural activities that have annual gross revenues under two hundred fifty thousand dollars.

* The banks and exchange houses will pay an annual tax as follows:
• Banks licensed general annual tax to total assets B/.l00 million B/.75, 000.00
• More than B / 100 million and up B/.200 million active B/.125, 000.00
• Over B/.200 million and up B/.300 million active B/.175, 000.00
• Over B/.300 million and up B/.400 million active B/.250, 000.00
• Over B/400 million and up B/.500 million active B/.375, 000.00
• Over B/.500 million and up B/.750 million active B/450, 000.00
• Over B/.750 million to B / 1,000 billion of assets B/.500, 000.00
• More than B / 1,000 million to B/.2, 000 billion of assets B/.700, 000.00
• Over B/.2, 000 billion of total assets B / 1,000,000.00
* During its first year of operations, the new general banking license will pay fifty percent of the annual tax referred to this section.
• The international banks licensed B/.75, 000.00
• Development banks and micro finance B/.30, 000.00
• Foreign exchange B/10, 000 dollars.

* Retirees and pensioners of the Social Security Fund will be entitled to claim a refund equal to thirty percent (30%) of the sums paid by way of ITBMS on each of the bills that are contributed to the Directorate General of Revenue up to a maximum of fifty dollars (B/.50.00) per year.

* Of the additional revenue collected by the tax increase physical movable Transfer and Servicing (ITBMS) provided in this Act, shall be financed, among others, the total cost of the Universal Fellowship Program for all students from first grade through ninth grade of formal schools and private schools in the country. For private schools, only apply for this state support, students in schools where the monthly pay for the guardian does not exceed B/.200.00.

* This Act shall take effect from 1 July 2010, except Articles 9 and 10 will enter into force on 1 January 2010 in terms of rates of income tax of natural persons and legal entities.

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