A portal for country-by-country (CbC) reporting in Panama is now available for the presentation and notification of CbC reports.
A May 2019 executive decree set forth the requirements to file an annual CbC report to the tax authority (Dirección General de Ingresos (DGI)) and to provide notice of the identify of the entity of a multinational entity (MNE) group that is responsible for filing the CbC report. The CbC reporting obligation is required when the MNE group has consolidated revenues in excess of € 750 million (or the equivalent in Balboas) for the previous fiscal year.
A release in late December 2019—Resolución No. 201-9117—includes guidance concerning the procedure for providing notice of the reporting entity for MNE groups. In general, such notification must be made through an online portal. The guidance further establishes that the notification is required only for the first year of CbC reporting; however, if there are any changes regarding CbC reporting, then this information must be updated. The submissions are required to be made in Spanish.
A second release in late December 2019—Resolución No. 201-9116—extended the filing deadline for the CbC report corresponding to fiscal year 2018 until 31 January 2020.
The DGI also reported on the availability of the CbC portal for filing and notifications concerning CbC reporting.
Read a January 2020 report (Spanish) prepared by the KPMG member firm in Panama
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