Tax News Update    Email this document    Print this document  

March 28, 2023
2023-0591

Panama announces major changes in work permit regulations effective April 1

On April 1, Panama’s immigration framework will undergo major changes, including a restructuring of work permit categories, updated application processing times and new conditions for filing extension applications. Beginning April 1, eligible foreign nationals will be able to apply for work permits under several categories including local workforce, labor code, special laws and temporary workers. The new work permit categories are expected to increase Panamanian organizations’ access to foreign skilled labor. Companies may be required to undertake comprehensive reviews of their hiring/onboarding policies and processes to ensure they comply with applicable conditions (e.g., quotas, notification requirements).

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

———————————————
ATTACHMENT

Full text of Tax Alert

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement