The tax credit is an economic amount in favor of the taxpayer at the time of liquidating a tax. This allows a balance in favor of the tax authority.
Resolution 201-4335 of 2021 establishes the procedure for the registration and assignment of tax credits granted by Article 9 of Law 80 of 2012 as amended by Law 122 of 2019.
About Tax Credit Registration
- The following documents are required for registration in the Single Registry process:
- Natural person:
- Copy of valid identity card or passport of the taxpayer.
- Copy of the last receipt of payment of public or private service.
- Legal entity:
- Copy of identity card or passport of the legal representative in force.
- Certification of the juridical person issued by the Public Registry of Panama.
- Copy of the last receipt of payment of public or private service.
- In order to request the recognition of a tax credit, an application must be submitted to the General Revenue Directorate (DGI).
- Once the tax credit is registered it may be applied by the taxpayer beneficiary of the credit in the box of the sworn income tax return called “Tax Credit for Tourist Investment”.
About the Assignment of Credits
- The following documents are required for the assignment of tax credits:
- Special Power of Attorney.
- Copy of the Resolution of the DGI that recognizes the tax credit.
- Authenticated copy of the contract in which the tax credit is assigned.
- Copy of the assignor’s identity card.
- Copy of the identity card of the assignee.
- Proof of payment of the obligation.
For complete details of Resolution 201-4335 see here
