As of November 1 companies whose annual purchases of goods and services exceeds $10 million, will have to retain 50% of the tax on transfer of movable property and services.
The Directorate General of Revenue (DGI) announced that the first report on the withholding tax on transfer of movable goods and services (ITBMS) must be made between 1 and 15 December this year.
From a statement issued from the Ministry of Economy and Finance:
The Directorate General of Revenue (DGI) at the Ministry of Finance reports that the Executive Decree 463 of October 14, 2015, which extends the mechanisms and agents for withholding Tax on Transfer of Movable Property and Services (ITBMS), was published in the Official Digital Newspaper La Gaceta No. 27892 -A, on Monday October 19, 2015.
This regulation will enter into force on 1 November 2015, which means that withholding agents must withhold ITBMS from November and make a first report to the DGI, for that first month of retention, between 1 and 15 of December this year.
More taxes soon they will not have to worry about the need to expand the airport as demand will decrease. About 50% of the business in the free trade zone of Panama are closing down due to the tax laws of Panama. The economy is slowing. Just add more taxes to increase unemployment and get ride of this darn great economy that has been bothering Panama for so long.