Panama: Reporting relief for companies registered in the Panama-Pacific Area

Panama: Reporting relief for companies

Companies in the Panama-Pacific Area (Área Panamá-Pacífico) are not required to use certain tax equipment.

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Panama’s tax authority (Dirección General de Ingresos) issued Resolution No. 201-5503 (September 2020) that authorizes an exemption for registered companies from having to use certain tax equipment (equipos fiscales).

Therefore, transactions related to sales or transfers of products and services by registered companies operating in the Panama-Pacific Area will be allowed to apply for an exemption from the requirement to document these transactions using certain tax equipment. However, there is an action step; companies registered in the Panama-Pacific Area must submit a formal request to the tax authority based on the provisions of Resolution No. 201-7605 (September 2010) (the rules that govern the use of a computer system to issue invoices or equivalent documents, using pre-printed forms or the company’s own forms).

Read an October 2020 report (Spanish) prepared by the KPMG member firm in Panama

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