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Proposed 5% Tax on Financial Payments Originating in Panama

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Tax on Remittances in Panama

A bill that will be discussed in the Assembly proposes that a 5% tax be imposed on remittances sent from Panama to other countries.

Thursday, September 14, 2017

The initiative presented by Deputy Ruben De Leon also includes an article that regulates operations of money remittance houses.

The tax would be 5% on the total amount to be sent. 

Laestrella.com.pa reports that "...The legislative proposal establishes that for the retention of the special tax on remittances sent abroad, the brokers that are dedicated to this activity will apply the same methodology and regulatory framework used for the Tax on the Transfer of Property and Services (ITBMS)."               

"... Exemptions from this tax would be given to post offices, telegraphs and banks, which will be governed by the legal provisions in force in this area; as well as the free zones established in Panama."

Source: laestrella.com.pa



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