[Noticias] Update: Panama Corporations email a clarification

I have received the following, mind easing clarification from a well known and well respected attorney in Panama City, I am waiting for permission to use her name. But until then here is the information.

It explains the current status and the fact that many accountants are unaware. The operative word in the law that makes the distinction is one i questioned, contribuyentes.

"Dear Lee,

The fundamental problems is that corporations and foundations which only hold real estate with no income do NOT have an obligation to file a tax return. You touch on the precise concept: contribuyentes (taxpayers). Only entities that receive taxable income are taxpayers and thus obligated to file tax returns.

Many accountants have advised otherwise and therefore there are many corporations/foundations with no taxable income, filing tax returns with just "No operations".

The Tax Department has now posted clarification on their website that corporations or foundations with "No operations" do not need to file the monthly return. Much before that they had already clarified that those entities that have never filed a tax return do not need to file the monthly return either.

I hope this helps."

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