[vc_row top_and_bottom_padding=»0px» left_and_right_padding=»» bg_type=»» class=»» style=»»][vc_column animation=»fadeInLeft» delay=»400″ delay_offset=»» bg_type=»» min_height=»» top_and_bottom_padding=»» left_and_right_padding=»» width=»1/2″ id=»» class=»» style=»»][clear by=»50px» id=»» class=»»][vc_gallery interval=»3″ images=»449,450″ img_size=»full»][/vc_column][vc_column animation=»fadeInUp» delay=»600″ delay_offset=»» bg_type=»» min_height=»» top_and_bottom_padding=»» left_and_right_padding=»» width=»1/2″ id=»» class=»» style=»»][clear by=»35px» id=»» class=»»][text]
Square Tree Corp. boasts a staff of professionals able to assist the clients in the following areas:
- Preparation of annual budgets and bookkeeping;
- Preparation and filing of tax returns for both companies and individuals;
- Preparation and submission of VAT returns in accordance with the terms of the law;
- Consultancy in the field of direct and indirect taxes
[/text][clear by=»60px» id=»» class=»»][alert type=»custom» is_icon=»true» icon_fontawesome=»fa fa-check-square-o» heading=»» id=»» class=»» style=»» bg_color=»#a1d777″]Income Tax in Panamá[/alert][/vc_column][/vc_row][vc_row top_and_bottom_padding=»» left_and_right_padding=»» bg_type=»»][vc_column delay=»» delay_offset=»» bg_type=»» min_height=»» top_and_bottom_padding=»» left_and_right_padding=»» width=»1/1″][vc_custom_heading text=»Income Tax in Panama» font_container=»tag:h2|text_align:center|color:%23000000″ google_fonts=»font_family:Noto%20Sans%3Aregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal»][vc_row_inner top_and_bottom_padding=»» left_and_right_padding=»» bg_type=»»][vc_column_inner delay=»» delay_offset=»» width=»1/2″][clear by=»35px» id=»» class=»»][alert type=»custom» is_icon=»true» icon_fontawesome=»fa fa-check-square-o» heading=»» id=»» class=»» style=»» bg_color=»#a1d777″]Income Tax – Natural person[/alert][text]
The revenues of an individual in Panama are subject to the following taxation:
|
FROM |
UP TO |
Income Tax |
|
0 |
11,000 |
0% |
|
11,001 |
50,000 |
15% on the amount exceeding USD 11,000 |
|
50,001 |
AND OVER |
USD 5,850 on the first USD 50,000 and 25% on the amount exceeding USD 5,000 |
[/text][/vc_column_inner][vc_column_inner delay=»» delay_offset=»» width=»1/2″][clear by=»35px» id=»» class=»»][alert type=»custom» is_icon=»true» icon_fontawesome=»fa fa-check-square-o» heading=»» id=»» class=»» style=»» bg_color=»#a1d777″]Income Tax – Legal entity [/alert][text]
The revenues of a legal entity in Panama are subject to different methods and rates accordingly to the activity conducted and the taxable income.
Traditional Method
This method applies to companies with taxable income below USD 1.5 million.
Starting from 1st January 2014 the following rate applies:
|
FISCAL PERIODS |
GENERAL RATE |
| From 1st January 2011 |
25% |
[/text][/vc_column_inner][/vc_row_inner][vc_custom_heading text=»The income tax caused must be paid no later than 31st March of the following year (90 days).» font_container=»tag:h2|text_align:center|color:%23000000″ google_fonts=»font_family:Noto%20Sans%3Aregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal»][clear by=»35px» id=»» class=»»][text]
The Alternative Calculation of Tax INCOME (CAIR)
This method applies to legal entities whose taxable income exceeds USD 1.5 million.
The legal entity is to pay the sum greater of:
- Net taxable income by the traditional method
- The taxable net income that results from applying to total income taxable a rate at 4.67%.
[/text][clear by=»35px» id=»» class=»»][text]
Exemptions to the CAIR method
When the payment of the Income Tax calculated as per the CAIR method causes for the legal entity to incur in a loss, the taxpayers can request the non-application of CAIR.
Having verified and accepted the application of the legal entity, the General Directorate of Revenues will grant the option of using the traditional method for calculating the Income Tax for a maximum period of 3 years.[/text][/vc_column][/vc_row]
