October 3, 2018 Panama establishes tax amnesty Taxpayers who might benefit from the tax amnesty should review the requirements before December 31, 2018. Panama enacted Law 49 of September 11, 2018, which amends numeral 9 of Article 764 of the Panamanian Fiscal Code and Law 66 of 2017 to establish a tax amnesty program under which taxpayers may pay their past due property tax, social security contributions and franchise tax on or before December 31, 2018, without the imposition of fines, interest and surcharges. With respect to social security contributions, the tax amnesty applies to independent contractors and employees who received salaries and professional fees. It also applies to defaulting employers. Resolution No. 201-6219 of September 13, 2018, issued by the Panamanian tax authorities, establishes the procedure for qualifying for the tax amnesty program under Law 49 of 2018. ———————————————
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