The bill presented by the Varela administration in the National Assembly stipulates sanctions of 2 to 5 years and fines up to 10 times the amount defrauded.

From a statement issued by the Ministry of Economy and Finance:  

January 18, 2018 The Ministry of Economy and Finance (MEF) today presented to the National Assembly a bill proposing the inclusion of the crime of tax fraud as a crime in the Penal Code.  

The bill will add Chapter XII “Crimes against the National Treasury” to Title VII of the Criminal Code and shield our financial center as well as logistic activities and legal services against its possible use to evade taxes in other jurisdictions or in Panama.
“The Bill is designed for large evaders, who have multi million dollar incomes and do not pay their tax obligations,” said the Minister of Economy and Finance, Dulcidio De La Guardia, during his presentation to the National Assembly.”

Read full release (in Spanish).