Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

January 15, 2020
2020-5070

Panama’s tax authority issues resolution regulating the country-by-country notification obligation

Panama published, in Official Gazette No. 28929 on 27 December 2019, Resolution No. 201-9117 of 2019 (the Resolution), regulating the notification obligation included in Article 3 of Executive Decree 46 of 2019, which establishes the regulatory framework of the country-by-country report in Panama.

Constituent entities that are members of a multinational enterprise (MNE) group and are tax residents in Panama must file the notification related to the country-by-country report. They must also comply with the notification obligations for the first year that the obligation is triggered. If the filed information changes, the constituent entities would have to update that information. The notification may be submitted by the constituent entity or a third party acting as the legally authorized agent for the MNE group’s filing.

To file the notification, constituent entities must register by completing an online form through the “Vizor for CbC Solution” platform on the “DGI FATCA & AEOI Portal” on the General Directorate of Revenue’s website (www:dgi.mef.gob.pa/). The notification obligation must be satisfied no later than the last day of the tax year in which the MNE group to which it belongs files its country-by-country report.

In addition, the Resolution establishes that the constituent entities under the same MNE group must comply with the notification obligation individually.

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

Ernst & Young Limited Corp., Panama City
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin American Tax Desk, Japan & Asia Pacific

ATTACHMENT

 

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 2023, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct