en | hu | ru | bg | ro | tr FacebookTwitterGoogle+LinkedInYouTubeInstagram
+ 357-24-636-919
+ 44-20-7556-0900
NEWS

5 Minutes Offshore
Why LAVECO?
How to order a company from LAVECO Ltd
Sign up for a free consultation
Request a return call
Request a brochure
Downloadable brochures
Subscribe to our newsletter
Newsletters
Latest news
Currency exchange rates: USD/1 unit
2017.04.27
HUF 0.0035
GBP 1.2824
CHF 1.006
RUB 0.0179
HKD 0.1285
JPY 0.0091
CNY 0.1453
CAD 0.7364
AUD 0.7535
BRL 0.3173
EUR 1.0891

NEWS

Panama Backtracks On Controversial New Tax Law


07/01/2014

A new and highly controversial tax law which was introduced in Panama on December 30, 2013 has now been revoked.The government announced on January 02 that it had passed a Cabinet resolution which revokes articles 2 and 3 of Law 120.

The law made it a requirement for all individuals and companies to pay tax on income generated in Panama or abroad.The new law had been met with fierce opposition in both the political and public spheres. Although it has been renounced, there are concerns that irreparable harm may have been done to Panama's reputation as a tax-friendly jurisdiction during the period after the government revealed its intentions.

The Central American country has developed into a key trading and business hub in the region largely thanks to the tax incentives it offers. General taxation had been imposed until now on a territorial basis, meaning that taxes only apply to income or earnings derived from business undertaken within the country's borders.


www.lowtax.net

Related jurisdictions:
Panama
Top