In Panama, the General Revenue Directorate (DGI) announced that it will suspend corporations that for the term of three consecutive years or more, have not made the payment of the single tax.
According to the General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF), the authorities are currently updating the list of legal entities in arrears for three consecutive years or more in the non-payment of the single tax, pursuant to the provisions of Article 318-A of the Tax Code.
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Elcapitalfinanciero.com reviews that “… the list of defaulters in the payment of the single tax will be published in the Official Gazette and communicated to the Public Registry of Panama so that the corporate rights of the legal entities are suspended.”
The article adds that “… it is warned that, in case of being in this list, the taxpayer must pay a fine of $1,000, cancel the delinquent amount, plus the registration fees in order to have the option to recover the corporate right.”
Reports from the General Comptroller’s Office detail that between 2019 and 2020, the number of corporations registered in Panama decreased by 3,817, going from 13,775 to 9,958, which is equivalent to a 28% decrease.
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So, what if the corporation is only to hold property, if the corporation / property owner is unaware, would they lose both?