Law 50, published on June 28, 2017, aims to grant tax, labor, and immigration incentives to companies that carry out financing operations in the maritime sector.
- Those interested in obtaining the benefits of this law must have a certificate issued by the Certifying and Supervisory Board of Maritime Financing Entities.
- Maritime projects interested in the benefits must also have a certification issued by the General Directorate of Public Registry of Ownership of Ships of the Maritime Authority of Panama.
- The import tax for the introduction into the country of machinery, equipment, materials, tools, and other elements necessary for the construction of ships is 3%.
No taxes will be incurred in:
- Income from international maritime trade of national merchant vessels legally registered in Panama.
- Income from companies with operations in Panama involved in construction of commercial ships, yachts, ships, and other types of vessels.
- Income from interest and commissions earned by banks and/or maritime financing entities that are certified.
- Income from insurance revenue derived from insurance from duly certified maritime financing entities.
The exonerations described above will have a duration period of 20 years counted from the effective date of the law.
Kraemer & Kraemer can advise and assist you in procedures related to maritime services in Panama, such as Registration of Recreational Vessels, Flagging of Recreational Vessels, and Navigation Patents. Contact us today.
To read the full Law 50 of 2017 view here