Import Duties in Panama
Import duties are taxes collected by Panama’s Customs Authority on imported goods and services. Unless expressly exempted by law or by government incentives, all imports are subject to import tariffs.
These taxes include customs duties and other charges on import, and the tariff depends on the local availability of the goods. For this reason, you may need the assistance of a legal firm, such as Kraemer & Kraemer, to assist you in the import duty process.
It is important to know that the cost of insurance and freight (CIF) charged to the importer is the basis of this tax.
In some cases, tariff rates depend on the local availability of goods. As a result, an estimate of the quantity of goods that can be imported by air is determined, or the value of freight on board (FOB) is increased by 15% when the CIF value is unknown.
Customs agents are responsible for processing sworn import declarations. Once received, the import documents must be paid within 3 working days.
The Kraemer & Kraemer team is available to answer your questions and assist with import taxes. Contact Us today!