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Investment in Panama Investment in Panama KPMG in Panama 2012 2 | INVESTMENT IN PANAMA © 2012 by KPMG © 2009 by KPMG © 2006 by KPMG © 2000 by KPMG © 1996 by KPMG © 1992 by KPMG Peat Marwick © 1984 by Peat Marwick Mitchell & Co. All rights reserved KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Images of the Panama-Pacific Special Economic Area are courtesy of London and Regional Panama. © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. INVESTMENT IN PANAMA | 3 To our clients and friends: Investment in Panama is one of a series of booklets prepared by KPMG and designed to provide information on a number of subjects important to those contemplating making investments or doing business in the Republic of Panama. The economic policy in Panama welcomes foreign and local investments, which is evidenced by various Government and tax incentives discussed in this booklet. Investors, however, are subject to a number of governmental regulations and tax laws. This booklet provides a summary of the rules, regulations, and tax laws that could affect investors. The information in this booklet is of a general nature and should be used only as a guide for preliminary planning purpose. Comprehensive advice should always be obtained before implementing any plan to invest in or immigrate to Panama. KPMG would be pleased to assist you. For further information, please contact us. KPMG August, 2012 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 4 | INVESTMENT IN PANAMA Contents Chapter 1 10 Panama outline 11 Geography and climate 11 History 11 Government 12 Population, languages and religion 13 State general budget 13 Currency 13 Economy 13 Taxation system 14 Housing 14 Transportation infrastructure 14 The Panama Canal, its expansion 15 Chapter 2 17 Business entities 17 Types of legal entities 17 Legal requirements for incorporation 19 Accounting requirements 20 Legal entity annual franchise duty 21 Operation notice 21 Commercial and industrial protection 23 Copyright 24 Electronic commerce and issues surrounding 24 Bookkeeping 25 Chapter 3 27 Income tax regime 27 Overview of Panamanian system 27 International taxation (TDT/TIEA) 27 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. INVESTMENT IN PANAMA | 5 Basic principles in levying income taxes 28 Sources of income 30 Panamanian local income 30 Foreign source income 31 Tax-exempt income 32 Chapter 4 38 Corporate income taxation 38 Taxable income 38 Tax rates 38 Methods for taxable income calculation 38 Deductible expenses for corporations or other legal entities 39 Special tax regimes 41 Chapter 5 50 Income taxation of individuals 50 Taxable income 50 Tax rates 50 Individual tax burden 51 Regime of individuals: variable scenarios 51 In kind income 52 Deductions and non-deductible expenses 55 Tax rates 56 Withholding regime of individuals 56 Chapter 6 60 ITBMS 60 Tax on the transfer of tangible personal goods and rendering of services (ITBMS) 60 Transactions 60 Collectors and taxpayers 61 Tax rates 61 Exemptions 62 Chapter 7 65 Other relevant taxes 65 Selective consumption tax (SCT) 65 Operation notice (license tax) 65 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 6 | INVESTMENT IN PANAMA Educational insurance tax 66 Stamp tax 66 Import duties 67 Tax on insurance premiums 67 FECI (or one percent tax on loans) 67 Other taxes 68 Municipal taxes 68 Tax on banking institutions 68 Chapter 8 71 Real Estate Property 71 Different taxes on real estate property 71 Real estate tax (IBI) 71 Tax on the transfer of real estate - TTRE (ITBI) 73 Chapter 9 76 Traditional areas for doing business 76 Micro, small and medium (´MSM’) businesses 76 Agricultural sector 77 Industrial sector 78 Fossil fuel operations 80 Maritime registry 81 Chapter 10 83 Special economic zones and regimes 83 Colon Free Zone 83 Starting operations in the Colon Free Zone (CFZ) 83 Sales operations 84 Tax incentives granted to companies within the CFZ 84 Tocumen International Airport 85 Baru Free Zone 85 Petroleum or oil free zones (PFZ) 85 City of Knowledge and the International Technologic Park (or Clayton) 85 The seventieth century Old Panama City (or ‘Casco Antiguo’) 86 Call centers 86 Free trade zones (former EPZ) 87 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. INVESTMENT IN PANAMA | 7 Other economic zones in Panama 87 Chapter 11 89 Panama-Pacific Special Economic Area 89 Panama-Pacific Special Economic Area (PPSEA) or Howard 89 Location 89 Scope of business 89 Taxation regime 89 Chapter 12 94 Headquarters of Multinational Enterprises (HME) or SEM 94 Legal regime of MEH or SEM 94 Definitions 94 Types of enterprise 95 HME license 95 Services 95 Taxation regime 95 Migratory regime and other special considerations 96 Chapter 13 98 Working conditions and visas 98 Visas 98 Tourist visa requirements 99 Resident and work visas 99 Temporary visa as a special visitor 100 Visas for pensioners and annuitants 100 Bearers of certain tourist visas 101 Discounts on the basis of age 101 Chapter 14 103 Tourism 103 Investing under Law 8 of 1994 103 Investing under Law 2 of 2006 105 Investing under Law 58 of 2006 105 Chapter 15 108 Labor legislation 108 Labor contracts 108 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 8 | INVESTMENT IN PANAMA Salaries 108 Vacations 111 Leaves and benefits 111 Labor unions 113 Severance fund 113 Minimum wage 114 Chapter 16 118 Social security system 118 Social security levies 118 Withholdings (or contributions) 119 Social security and representation expenses 119 Quotas and payments 120 Social security benefits 121 Working after retirement age 125 Expatriates 125 Chapter 17 127 Tax authorities 127 Taxation Administrative Court of Appeals (TAT) 127 Directorate General of Revenue 127 Returns and payments 127 Income tax return 128 Disputes 129 Payment of taxes 130 Issuance of documents and forms 131 Chapter 18 134 Financial sector 134 Banking system 134 Banking facilities 134 Securities market 136 Trust operations 138 Local finance companies 138 Financial leasing activities 139 Money remittance houses 139 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. INVESTMENT IN PANAMA | 9 Appendix 141 KPMG in Panama 141 Our leadership 141 Why select us 141 Multidisciplinary, industry focused approach 142 Global knowledge sharing 142 We listen to you 142 We're with you from start to finish 142 © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 10 | INVESTMENT IN PANAMA Chapter 1 Panama Outline © 2012 KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. INVESTMENT IN PANAMA | 11 Chapter 1 Panama outline For over a century, the Republic of Panama has played the role of being a heterogenic, multiethnic country in addition to having a trans-isthmus canal, buoyant commercial and financial infrastructures as well as proving an emerging tourism destination. Its strategic position is bordered by two oceans, containing lush tropical rainforests, rivers and national and marine parks with a unique diversity of flora, fauna and sea life. In native languages, Panama meant “an abundance of fish, birds and butterflies”. Alongside these natural sceneries is the dynamic and vibrant City of Panama - a modern and cosmopolitan capital -, whose coastline is bordered by an ever expanding central business district and a skyline beaming with high-rise offices and residential towers. Geography and climate The Republic of Panama, located between the Republic of Costa Rica and the Republic of Colombia, is indeed at the heart and pulse of the Americas. Panama connects Central and South America opening its doors and borders for the purpose of doing business, enhancing world trade and uniting people from various countries. Being a true crossroads, it is only 80 kilometers wide at its narrowest point. Its Caribbean Sea coastline extends 1,287.7 kilometers and on the Pacific Ocean side is 1,700.6 kilometers long. The isthmus’s land mass is 75,517 square kilometers. Panama has a tropical climate throughout the year with two seasons: the windy season - from January through April - and the rainy season - from May through December -. The temperature at sea level averages 27°C to 33°C during the day (80°F to 85°F); however, the temperature is typically cooler and more pleasant at night. The country lies in a hurricane-free zone and has had relatively few earthquakes or other natural disasters. Its mountainous areas and protected reserves on the eastern and western extremes benefit from cooler temperatures. Its official time zone is five hours behind the GMT . History Panama emerged from the ocean much more than three million five hundred thousand years ago joining North and South America.
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