Jump to content

Search the Community

Showing results for tags 'taxespanama'.

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • Topical Forums (Noncommercial Postings About Life in Chiriquí)
    • Automobiles / Vehicles (Dealers, Titles, Vehicle & Driver Licenses, Maintenance, Fuel, Roadway Carnage, etc.)
    • Banking, Currency, Safety Deposit Boxes, etc.
    • Business Operations
    • Clubs, Groups, Associations, etc. (their meetings, events, activities, reports, etc.)
    • Communications: Mail Services, Print / Electronic Media, Internet, etc.
    • Contracting, Building Trades and Materials, Home Maintenance
    • Culture, History, Heritage, Traditions, Exhibitions (two sub-forums)
    • Donation & Support Requests (specific to one entity in an emergency or critical situation)
    • Education, Literacy, Language and Translation, Workshops
    • Employees (Hiring, Terminating, Legalities, Responsibilities, Employee vs Contract Labor, Salaries, etc.)
    • Entertainment
    • Environmental Topics (numerous sub-forums)
    • Expatriation, Naturalization, Residency, Immigration / Migration, Identity Documentation, Border Runs ("Permanent Tourism")
    • Gardening, Landscaping, Agriculture
    • Health and Health Care, Special Care Facilities (Nursing Homes, Assisted Living, etc.)
    • Help Desk / Concierge Services (“I need ...”)
    • Insurance (Automobile, Homeowners, Renters, Healthcare, Travel, etc.)
    • Legal Matters and Processes, Consumer Protection, Government Oversight of Common Carriers and Utilites, etc.
    • Lost and Found
    • Newcomers' Corner
    • Outdoor Activities (Tourism, Recreation, Sightseeing, Nature Hikes, etc.)
    • Pets, Livestock, Animals
    • Public Infrastructure (Roadways, Signage, Lighting, Parking, Pipelines, High Tension Transmission Lines, Hydroelectric Dams, etc.)
    • Public Transportation (Bus, Taxi, Airlines and Airports, Metro Subway, Metro Bus, Uber, Ferries and Water Taxis, etc.)
    • Public Utilities (Water, Sewer, Electricity, Propane, Garbage Service, etc.)
    • Restaurants, Food / Groceries, Recipes, Food Supply Channels, Health Inspections / Suspensions, etc.
    • Safety and Security; Police, Bomberos, SINAPROC Notices and Actions, etc.
    • Shopping and Store Resources
    • Sports, Hobbies, Fitness Training, Health Activities
    • Taxes, Government Filings (Panamanian and Offshore)
    • Water Cooler Topics, Rumor Central, Bochinche
    • Miscellaneous Chiriquí Topics
  • Classified Ads (Buying and Selling of Goods and Services)
    • Artwork, Collectables, Antiques, Treasured Keepsakes, Display Items
    • Education and Training Goods and Services
    • Electronic Goods and Services (Computers, Phones, TVs, Radios, Cameras, etc.)
    • Food, Health, and Cosmetic Goods and Services
    • Garden, Landscaping, and Agricultural Goods and Services
    • Garage Sales, Ventas de Patio, Flea Markets, etc.
    • Healthcare Related Residential Facilities (Senior Communities, Assisted Living, Nursing Homes, etc.)
    • Home & Office Furnishings, Appliances, Building Supplies and Services
    • Homes and Real Property (for Sale / Wanted)
    • Homes, Condos, Rooms (for Rent / Lease or Wanted)
    • Offices and Commercial Space (for Sale / Rent / Wanted)
    • Personal and Domestic Services, House and Pet Sitting (five sub-forums)
    • Professional Services (six sub-forums)
    • Sporting Goods and Services
    • Tools, Instruments, and Related Goods and Services
    • Tour and Travel Goods and Services
    • Vehicles (Automobiles, Motorcycles, Trucks, Bicycles, etc.) and Related Goods and Services
    • Miscellaneous Classified Advertisements
  • Commentary, Personals, "News.Boquete" Archives, News Feeds, Panama In General
    • Idle Chatter / Personal Musings
    • Messages of a Personal Nature (six sub-forums)
    • "News.Boquete" Archives
    • News Feeds / Meeting Announcements (four sub-forums)
    • Panama In General (five sub-forums)
  • Podcasts and Educational / Training Resources
    • Information On How to Use Chiriqui.Life Website
    • Chiriqui.Life Podcasts
    • Chiriqui.Life Stories
    • Educational Resources
  • About the Chiriqui.Life Website
    • Governance Documents
    • Problems, Feedback and Suggestions
    • Questions and Answers
    • System Change Log

Blogs

  • Hil J
  • Dr. Sleepwell's Chiriqui Life Blog
  • Boquete Nature Hiking
  • Rodny Direct
  • Boquete Newcomer Social Events
  • Boquete Art Café
  • Black Rock Art Ranch
  • A Bit of Boquete Bliss
  • Boquete Jazz&Blues Festival
  • Tech Wilderness
  • Health News you can Use
  • Boquete PhotoGrafia & BJBF 2016
  • In My Perspective...
  • Nacional Box-Safe Deposit Boxes
  • MEBEinPanama
  • If you need to be 72 hours in Costa Rica to renew the permits
  • The Chocotale Connoisseurs Club
  • My Adventures Fostering 'Anouk', a Rescued Purebred Female Husky
  • BCP Council Meeting
  • Al Mills
  • Petsitting Services
  • Petsitting Services
  • Petsitting Services
  • Michael Cooper
  • Importing a personal bicycle
  • Linda Sherman
  • Sandeep Lal
  • Arts and Music Scene in Boquete!
  • Maureen Page
  • Keith's Stuff
  • Phil Hagen
  • Phil Hagen
  • Tourenvias
  • Casa Cielo Boquete
  • DogCamp Boquete
  • Traveling with pets
  • Boquete Recycling
  • DO YOU NEED AN OFFICIAL TRANSLATION?
  • And Now I Know
  • The Candid Curmudgeon
  • Kids' Camp Boquete
  • Dru's Bench
  • Easy Travel Panama
  • The Party Bus
  • Lucero Golf & Country Club - Seasons Restaurant
  • Nutre Hogar Chiriqui
  • Bill Crabbe
  • Oktoberfest 2018
  • BodyMind Dojo Blog
  • christine corcoran
  • Need a Debt Loan To Pay Off Bills
  • Visa For Retirees/Pensioners
  • William F. Hurley

Calendars

  • Community Events Calendar
  • Repeating Events (Health, Exercise, Sports, Entertainment, Hobby, Dining, etc.)
  • Religious and Spiritual Activities
  • Holidays, Festivals, Fairs, Recognition Days

Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


Full Real Name:


Birth (home) country:

Found 3 results

  1. When investing in a real estate in Panama, it is necessary to consider several factors and numbers in order to analyze if the purchase you want to make is profitable. This is why it is important to foreign investors to understand how the tax system works in Panama and what types of taxes must be paid when investing in real estate. There are three types of property taxes in Panama, which I will explain in detail below. First of all, Panama does not have what is known in Germany as “Grunderwerbsteuer" (real estate purchase tax). That is to say, the fiscal code in Panama does not contain a tax that must be paid for the acquisition of a plot or lot of land. When buying a property it is the seller who must pay the transfer taxes. Nevertheless it is customary that the buyer pays the registration fees of the Public Registry and the notary fees. What transfer taxes must be paid when selling a property? At the time of selling a property, the Panamanian government charges the seller the following taxes: 2% transfer tax calculated based on the cadastral (registered) value "or" the capital gains value (calculated by the system) "or" the selling price. The highest of these values is the one the government chooses as the calculation basis for charging the tax. And then 3% on the cadastral (registered) value "or" the selling price (whichever is higher) as capital gains tax. There are properties that pay annual taxes, others do not, some have exonerations, what does all this mean? In the past all properties whose value exceeded $30,000 were obligated to pay a progressive percentage of taxes on the cadastral value of the property (annually). However, there were different options to request an exoneration on these annual taxes for a maximum period of 20 years. This no longer exists today. But still the tax office respects the exemptions already granted, and for this reason you will see different offers in the real estate market with valid exemptions. Currently there is a new law where properties whose value is less than $120,000 do not pay taxes in Panama, as long as it is your primary residence. For properties with a cadastral value of $120,001 up to $250,000 the annual property tax rate is only 0.5%. Properties from $250,001 and above pay a rate of 0.7% (seven tenths of 1 percent). Now, if we are talking about horizontal property, that is to say, I have an apartment, what taxes do I pay? First of all, there are fixed expenses for the apartment that are calculated based on the registered square meters of construction, and from this measure the monthly maintenance fees that must be paid to the building’s administration is calculated. The maintenance fees must be paid on a monthly basis (you can also pay in advance if you wish) and never stop. The last reform of the law in 2020, made it very clear that for no reason it will be possible to stop paying the common maintenance fees since with these expenses the building exists and is maintained, that is to say as if it were a child's alimony. There is also a real estate tax that is divided in two, i.e. the tax on the apartment and then on the coefficient of participation of the land on which the building was constructed. It is important to mention that the payment of the (annual) property taxes is not included in the payment of the monthly maintenance fees. It is the responsibility of each co-owner to comply and pay their tax obligations for their apartment with the Panama tax office. What is a NIT? In order to have this information of how much you owe and if you are up to date in your tax obligations, it is advisable to process a user and password (called NIT) to have direct access to the electronic platform of the Panamanian tax office called "e-tax". This way you can check your current account statement, pay the corresponding taxes by credit card and even request a certificate of good standing, all of this can be done online. The NIT is also mandatory when selling your property in order to process the payment of transfer taxes and to obtain the documents requested by the notary for the closing of the sale. What if I sell the shares of my company ("share deal") instead of the title of my property ("asset deal")? Years ago the Panamanian government has regulated the sale of corporate shares in order to avoid the evasion of the transfer tax when selling a property. Now there is also a tax that must be paid if you have a corporation and this corporation owns a property and you sell the shares of your corporation (as a package). As the owner of the shares the seller pays a tax of 5% of the sales value, but the payment must be made on his behalf, by the buyer and both will have the legal responsibility before the Panamanian tax office. In the past the sale of corporate shares was a very popular strategy used to optimize the transfer taxes when selling a property, however each case is unique and individual and requires prior analysis by the lawyer. We will talk about this topic in the next blog, stay tuned!
  2. On December 3rd, 2020 the President of Panama announced the creation of a new type of legal entity called “Startup Company" in order to increase entrepreneurship in Panama, facilitating the formalization of companies and at the same time providing tax incentives for new startups. How can I create a new startup company? Two to five natural persons, of any nationality, may form a startup company in Panama. The subscribers of the articles of incorporation will be at the same time the partners and therefore the final beneficiaries of the company. Unlike other company types in Panama, this information will be publicly available. But in order to avoid the abuse of the benefits and incentives for this type of company, no natural person who was previously part of a startup company will be able to belong to another startup company. The new startup companies are similar to the limited liability companies in Spain. The economic liability of each partner for the obligations contracted by the company will be limited to the amount of their participation made or promised. The minimum capital of the company is US$500 and can be contributed by the partners in money, goods, or services. It is possible to transform an already existing company (as long as it has not been operating for more than three years) into a startup company, and thus take advantage of the benefits and incentives of this new figure. Administration of the startup company As with Spanish limited companies, startup companies will have at least one administrator. The administrator must always be one of the partners and can celebrate or carry out all the activities and contracts related to the operations of the company. An interesting detail is that the new startup companies do not require a resident agent. All companies and private interest foundations in Panama must have a registered resident agent (a licensed attorney or law firm in the Republic of Panama that acts as a point of contact between the company and the national authorities). In the case of the new startup companies, the appointment of a resident agent is optional. If the startup company does not have a resident agent, the administrator must be assigned as the legal representative and contact person for the authorities. In addition, the domicile and physical address where the offices of the startup company will be located must be registered. What are the advantages and incentives for the new startup companies? Startup companies will be exempt from paying income tax during the first two (2) years of their operation. In addition, they do not have to pay the annual franchise tax and will be exempt from using a cash register (but they must issue electronic invoices and manage an electronic invoicing system). Additionally, the startup companies will be able to apply for a discount for up to 50% on the import taxes of the raw materials required by the company for the creation of its products, services, or innovative processes. What kind of economic activity can be carried out with a startup company? Startup companies may execute any legal economic activity, but may only operate within the Republic of Panama. In addition, startup companies must not be used to carry out one or more of the following activities: Companies operating in one of Panama's free trade zones Casinos, gaming, gambling, and similar activities Developer companies, real estate agents, or brokers Construction companies and contractors Security transport companies Pawnshops Commercialization of precious metals or gems Buying and selling new and used cars Legal and/or accounting services (lawyers, accountants) Startup companies must not be listed on the stock exchange. There is a limit of one million US dollars gross income per fiscal year in order to qualify for the tax benefits of the startup companies. If the company's income exceeds this amount, it must transform into another type of corporate body in order to continue operating. Curious? For more information, contact us for a free video consultation!
  3. until
    Free consultations at GOMEZ TOMICZEK LAW FIRM (ENGLISH AND/OR SPANISH SPOKEN) Instructions: The consultations will be managed by a first-come, first-served basis. Our address in Plaza San Francisco (second floor), office #23, near Magda Crespo Seguros. The free consultations will be performed by Lcdo. Abel Gomez covering his different legal expertise areas, as: -Corporate and Commercial Law -Relocation Services and Migration -Foreign Investment -Asset Management -Maritime Law -Tax Law -Intellectual Property and Patents -Real Estate Law
×
×
  • Create New...