Tuesday 28 September 2021

Panama: Increased Penalties for Tax Arrears

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CENTRAL AMERICA NEWS — At the end of the December 31, deadline to qualify for the current moratorium, a 10% surcharge will be incurred by those behind in the payment of taxes on income or property.According to some taxpayers this measure represents a “… Disguised tax increase, which contradicts the promise made by President Juan Carlos Varela not to raise taxes, despite the existing fiscal deficit. ”

112014-pa-eco1-1-01According to the Panamanian Association of Business Executives (APEDA), “… ‘the charge … is a little high, this percentage had not been seen in the country’s history.'”

In this regard, the Chamber of Commerce, Industries and Agriculture of Panama told Panamaamerica.com.pa that “… It is extremely important that all taxpayers meet their obligations to the state, which includes paying taxes. The state can implement a series of measures on economic policies with the aim of increasing its income or contain public spending. ”

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“… Up to September 2014, taxes collected, both from legal and natural persons, totaled $1,154,000, reflecting a reduction of $39 million compared to the same period in 2013. ”

Source: Panamaamerica.com.pa

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