• Panama Set to Abandon Adoption of Worldwide Tax System

    07-01-2014

    On 30 December 2013, a new law was approved and published in Panama's Official Gazette, replacing Panama's Territorial Tax System with a Worldwide Tax System with effect from 31 December 2013.

    Under a worldwide tax system, companies resident in Panama should be taxed on their worldwide tax income whereas under a territorial tax system, companies in Panama are taxed only on income generated or remitted in Panama.

    The new law came as a surprise to the business community in Panama as no previous consultation or discussion took place before enactment. The concerns and negative criticism from various business and professional associations has prompted the Ministry of Economy and Finance ad the Tax Administration of Panama to reassure that a new bill repealing the new law will be adopted and thus continue to maintain the Territorial Tax System in Panama.

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