Municipal Tax in Panama
About Municipal Taxes
They are taxable by the municipalities, with taxes, fees, duties and contributions, all activities industrial, commercial or profit of any kind that are carried out in the district of Panama, any taxable company or activity is obligated to immediately notify the Municipal Treasurer for classification, registration in the Taxpayer Registry.
The Municipal Tax is structured on the basis of income, sales or commissions annual gross of each of the commercial, industrial and profit activities, which can be taxed by the Municipality of Panama, with the respective monthly tax to extinguish. Payments are according to the activity of the company and the volume of annual sales. It is a tax that is paid monthly. Once the term for payment has expired, the value of this will suffer a surcharge of 20% and an additional surcharge of 1% for each month in arrears, collectible by coercive jurisdiction.
You have to take into account the type of activity or know the generating fact, income and table numbers that apply to you as a taxpayer.
The Kraemer and Kraemer team has the knowledge and experience to answer your tax questions. Contact us for more information on corporate taxes.