PANAMA NEW TAX REFORM

A recent tax reform enacted by the Panamanian government is applicable to Panamanian corporations and private interest foundations as of the 8th of May 2012, which means that the annual tax has increased as follow:
Panama Corporations
Incorporation US$300.00
Annual Tax US$300.00

Private Interest Foundations
Establishment of the Foundation US$350.00
Annual Tax US$400.00

Failure to make timely payment of such taxes shall be penalized with a surcharge for every year or fraction of a