Tax Moratorium for the Payment of National Taxes

Through Official Gazette No. 30149-C dated October 28, 2024, Law 446 of October 28, 2024, was enacted, granting a tax moratorium period until December 31st, 2024. During this period, taxpayers in Panama have the opportunity to settle their overdue taxes without incurring interest or surcharges. This measure covers the following taxes:
  • Income Tax
  • Property Tax
  • Business License Tax
  • ITBMS (Transfer Tax for Movable Goods and Services)
  • Selective Consumption Tax (ISC)
  • Single Rate, including reactivation penalty
 
Administrative or Enforced Collections
This moratorium applies to both individuals and legal entities, as well as delinquent real estate properties. In the administrative or enforced collection phase, taxpayers must pay the full nominal balance owed and any related fines to benefit from the total waiver of interests, surcharges, and penalties associated with the administrative or enforced debt collection.
 
Withholding Agents
Special provisions are also included for withholding agents who have overdue withheld taxes related to periods up to June 2024 for Income Tax and Educational Insurance, allowing them to settle their obligations directly with the DGI (General Directorate of Revenue) by December 31, 2024.

The initiative facilitates the payment of tax debts for everyone, from small taxpayers to large companies, promoting a cooperative and compliant relationship between citizens and the State. In the current context of economic crisis, unemployment, and high informality in the market, this measure not only offers support to those facing financial difficulties but also contributes to overall economic stability. By lowering the barriers to regularization, the government strengthens its revenue, enhancing the country's financial sustainability and creating a more stable and equitable environment for all.