For the analysis and consideration I present a synthesis that I have elaborated on the Bill 119 that amends the tax code:
• Eliminate the Alternative Calculation of income tax for all individuals and ninety-five (95%) of legal persons.
• Legal entities will pay income tax on net taxable income tax rate to the following general
• from 1 July 2010 or pay 27.5%
• 2011 and later pay 25%
• Legal entities whose main activity is the generation and distribution of electricity; telecommunications services in general insurance, reinsurance, financial, cement manufacturing, mining in general and those engaged in the banking business in Panama and call centers will pay income tax at a rate of thirty percent (30%) Net income
• Legal persons whose taxable income exceeds one million five hundred thousand dollars per year, paid as a tax on income, the higher amount that is between:
l. Taxable net income calculated by the common method, or
2. Taxable net income resulting from applying to the total taxable income, four point sixty-seven per cent (4.67%).
• Individuals pay income tax on their annual income as the tax is as follows:
• Up B/.11,000.00 pay 0%
• or more than B/.11,000.00 to B/.50, 000.00 pay 15% by surplus B/.11, 000.00 to B/.50, 000.00
• more than B/.50, 000.00 pay B/.5,850.00 for the first B/.50, 000.00 and a rate of 25% of the excess B/.50, 000.00
• Significant changes are introduced to the concept of taxable income, in particular how the expenses are recognized and deductibles.
• It clarified several basic concepts for determining the dividend tax.
• The representation expenses, ISR will pay as follows:
• Up B/.25, 000.00 paid 10%.
• 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 surplus until B/.50, 000.00.
• more than B/.50, 000.00, pay B/.6, 250.00 for the first B/.50, 000.00 and a rate of 25% on the excess.
• Do not cause the tax:
• income of natural persons or legal entities engaged in agricultural activities that have annual gross revenues under one hundred and fifty thousand dollars (B/.150, 000.00)
• natural persons engaged in occupations or activities independently, with gross receipts in the respective fiscal period, amount to no more than eleven thousand dollars (B/.11, 000.00)
• Legal persons or companies established or being established in the Colon Free Zone or any other free zone or area established or to be created in the future, are required to withhold tax on dividend or share of five percent (5%) of profits to distribute to their shareholders when they are coming from:
o Panamanian source or internal or local or operations;
o external source or foreign or export operations, and
o income exempt from income tax,
• The combined alternative progressive rate of this tax is as follows:
o 0.75% on the taxable excess of thirty thousand dollars (B/30,000.00) to one hundred thousand dollars (B/100,000.00).
o 1% on the taxable amount over one hundred thousand dollars (B/.1 00,000.00).
• Banking institutions regulated by Decree Law 9 of 1998, will pay an annual tax as follows:
• banks licensed General Annual Tax
• Up B / Ser.L total assets 00 million B / .IOO, ooo.oo
• More than B/.1OO million and up B/.200 million active B/.150, 000.00
• More than B/.200 million and up B/.300 million active B/.200, 000.00
• More than B/.300 million and up B/.400 million active B/.350, 000.00
• More than B/.400 million and up B/.500 million active B/.500, 000.00
• More than B/.500 million and up B/.750 million active B/.600, 000.00
• More than B/.750 million to B / Ser.L, OOO million active B/.650, 000.00
• More than B1, OOO million B/.700 total assets, 000.00
• Licensed Banks International B/.75, 000.00
• Development Banks and Micro Finance B/.30, 000.00
• The Exchange houses B / .IO, ooo.oo
• The boats, yachts or private use motorboats engaged in water courts of the Republic of Panama must obtain and carry on board a navigation license to be issued by the Directorate General of Merchant Marine of Panama Maritime Authority. The cost of issuing this document and its extensions shall be five dollars (B/.5.00).
• Owners of boats, yachts or motorboats engaged in private use will pay the following annual rates:
• Up to 6 meters in length B/.24.00
• or older from 6 to 10 meters in length B/.120.00
• or above 10 meters B/.240.00
• The ITBMS rate is seven percent (7%). To those who currently pay the tax are added:
• or public entertainment, events, seminars, conferences, lectures, presentations of artistic or musical groups, artists, singers, performers, sports professionals and professionals in general, not free.
• The air travel locally and internationally.
• or hosting service or public accommodation.
• Excise Tax
In the cases described below the following fees apply to this tax:
• l. The import, sale, wholesale and retail of alcoholic beverages, which will have a rate of ten percent (10%).
• The import, sale, wholesale and retail of products derived from snuff, will have a fee of fifteen percent (15%).
• Hosting service or accommodation in all modes of public causes a rate of ten percent (10%).
• The selective tax rate of soft drink consumption is five percent (5%) of ten percent (10%) for syrups, syrups or concentrates used for the production of soft drinks.
• Motor vehicles land whose CIF value not exceeding B/.20, 000.00: 18%.
• Motor vehicles land whose value exceeds B/.20 CIF, 000.00 but not exceeding B/.25, 000.00: 23%.
• Motor vehicles land whose value exceeds B/.25 CIF, 000.00: 25%.
• Electrical Motor vehicles, land for transportation of persons irrespective of CIF value: 5%.
• Vehicles equipped for use by persons with disabilities: 5%.
• Motor vehicles regardless of their mixed land CIF value: 10%.
• Motor vehicles land for commercial transport of cargo: 10%.
• Motor vehicles for land passenger transport: 10%.
• Road tractors for semi-trailers: 10%.
• Motorcycles for two or more wheels with engine capacity over 125cc, outboard engines over 75 cc displacement, yachts, sailboats, ships and vessels for pleasure or sport, personal watercraft (jet-skies) ships, aircraft and helicopters noncommercial use: 10%.
• Jewelry & Guns: 10%.
• The services of cable television, microwave, satellite and mobile telephony: 5%.
• Prizes greater than three hundred dollars (B/.300.00) won the slots: 7%
• not be deemed taxpayers of this tax producers, traders and service providers whose gross annual income is less than thirty-six thousand dollars (B/.36, 000.00).
• The current traffic Panamanian currency, in denominations of one, two and five dollars will bimetallic
• Create Tax Administrative Tribunal as being independent and impartial, which has jurisdiction throughout the territory of the Republic. This Court has jurisdiction to hear appeals that arise within the procedures or processes originating from the Department of Revenue, Ministry of Economy and Finance.
• The Tribunal will consist of three (3) lawyers, who are appointed by the President of the Republic with their alternates, who will have the same pay as the judges of the Superior Courts of Justice.
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