13 August 2020 Panamanian Tax Authority includes a new category for foreign companies that act as legal representatives of Panamanian corporations within the Registry of Taxpayers and the e-tax 2.0 system This measure aims to modernize the General Directorate of Revenue by updating the registration mechanism for providing information in the Registry of Taxpayers regarding the identification, location and economic activity of foreign companies acting as legal representatives of Panamanian corporations. Such companies should review the new procedures and requirements and ensure compliance. Panama's General Directorate of Revenue has established through Resolution 201-3967 of 2020 (the Resolution) an updated registration mechanism within the Registry of Taxpayers (Registro Único de Contribuyentes, or RUC) of the tax platform "e-tax 2.0" for foreign companies that act as representatives of Panamanian corporations (i.e., joint-stock companies). The Resolution enables the registration of such foreign companies in the e-tax 2.0 system (the Panamanian Tax Authority's online tax information platform) in the "identification type" field, "linked third parties" tab and on the RUC module. The Resolution also establishes information and documentation filing requirements for the registration of foreign companies that exercise the legal representation of Panamanian corporations before the General Directorate of Revenue. Specifically, the Resolution requires:
If the abovementioned documents are issued in a language other than Spanish, they must be translated into Spanish by a certified public translator in Panama.
Document ID: 2020-2052 | |||||||||||||||||