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Panama’s President Pushes 421 New Tax Codes

Article Summary:

Panama’s President is pushing 421 new tax code amendments, including an amendment to the cost of registering a new corporation, adding a flat tax payment for corporations, limited liability companies, and any other legal domestic or foreign entities in the country along with amending property tax exemptions.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

Martinelli law punishes 421 amends the Tax Code

The President, Ricardo Martinelli, sanctioned, this Tuesday, May 8, 421 law reform the tax code, some of its provisions and amending the law of prime interest to increase the range to $ 120,000.

Through a statement issued by the Secretary of State’s submission, it was reported that the new standard provides for the payment of $ 300 for registration and payment of the flat tax for corporations, limited liability companies and any other legal entity domestic or foreign.

It also determines that the private foundations, the payment will be $ 350 upon registration and $ 400 annual flat tax concept.

On the other hand, the law establishes 421 the new table of values ​​of the improvements, building permit for exemption from property tax, and the maximum reduction rate of consumption tax on fuel and oil.

A further payment of 18% of gross revenue from slot machines was set to the Gaming Control Board, which must make room operators type of slot machines, casinos complete and the engine room President Remon Racetrack slot.

Full casinos will pay 12% of monthly gross income of the gaming tables.

Link to Original Article:

From Prensa

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