May 2, 2023
Panama's Tax Authority sets the penalty for failing to timely file withholding tax return Form 03
The Panamanian Tax Authority issued Resolution No. 201-3486 on 17 April 2023, instructing the Tax Information Systems Department to make the necessary adjustments to the informatic systems to establish a fine for failing to submit a withholding tax return, known as Form 03 (in Spanish, "Planilla 03").
The penalty for not timely filing Form 03 is as follows:
The penalty for not timely filing Form 03 will be applied to noncompliance committed since Decree 20 of 28 April 2022 entered into force (i.e., 28 April 2022) and established a monthly filing requirement for the form.
For additional information with respect to this Alert, please contact the:
Ernst & Young Limited Corp., Panama City
Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor