On October 11, 2019, Law 99 was published granting general tax amnesty for the payment of taxes owed to the Panama General Revenue Directorate (DGI). Likewise, this law amends Law 76 of 2019 on the Tax Procedure Code.
The amnesty condones interests, surcharges, or fines of delinquent taxes and taxes owed that are filed during the validity of the law.
This applies to individuals, legal entities, and real estate with taxes caused and delinquent payment as of June 30, 2019. Meaning:
- Those with payment arrangements as of the date on which the law comes into force.
- Taxpayers, withholding agents, and other persons responsible for taxes.
- Taxpayers with pending processes
The amnesty does not include those who are being prosecuted for administrative tax evasion or criminal tax fraud.
The amnesty period is valid until February 29, 2020, and the following percentages of the total interest, surcharges, and fines will be condoned:
- 100% to payments made in the month of October and November 2019.
- 95% to payments made in the month of December 2019
- 90% to payments made in the month of January 2020
- 85% to payments made in the month of February 2020
Read more details about Panama’s Tax Amnesty Law 99 here: