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22 March 2018

Panama establishes new process for corporations obtaining a tax identification number

On 9 March 2018, Panama issued Resolution 201-1254 (the Resolution), which established a new process for corporations to register for the Unique Registry of Taxpayers with the Panamanian tax authority to obtain a taxpayer identification number. This process consists of identifying whether the corporation is one of the following types:

  • Type A: Corporation that generates Panamanian-source income. In this case, the entity must file an annual income tax return with the Panamanian tax authority.
  • Type B: Corporation that solely owns property that does not generate income, or corporation that generates exclusively foreign-source income. In this case, the entity will not be required to file an annual income tax return.

Corporations will need to update the category under which they fall in the Unique Registry of Taxpayers to determine their obligations with respect to income tax return filing. This procedural change does not affect the territorial tax system of Panama.

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CONTACTS

For additional information with respect to this Alert, please contact the following:

Ernst & Young Limited Corp., Panama City

  • Luis Eduardo Ocando
    luis.ocando@pa.ey.com
  • Isabel Chiri
    isabel.chiri@pa.ey.com

Ernst & Young, S.A., San José

  • Rafael Sayagues
    rafael.sayagues@ey.com

Ernst & Young LLP, Latin American Business Center, New York

  • Ana Mingramm
    ana.mingramm@ey.com
  • Enrique Perez Grovas
    enrique.perezgrovas@ey.com
  • Pablo Wejcman
    pablo.wejcman@ey.com

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

  • Jose Padilla
    jpadilla@uk.ey.com

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Document ID: 2018-5451

 
 

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