Panama

Paying Taxes in

Panama

Listed below is a detailed summary of the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as measures of administrative burden in paying taxes.

The information appearing on this page was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 183 economies. The most recent round of data collection for the project was completed in December 2010.

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To see indicator data for all economies, see the Paying Taxes page. To see how economies rank, see the Rankings page.

Tax or mandatory contribution Payments (number) Notes on Payments Time (hours) Statutory tax rate Tax base Total tax rate (% profit) Notes on TTR
Corporate income tax 4 50 28% taxable income 13.7
Social security contributions (Pension) 12 180 12% gross salaries 13
Social security contributions (Professional risk insurance) 0 0.98% to 5.76% depending on risk gross salaries 4.7
Commercial license tax 0 paid jointly 2% net worth 3.7
Real estate tax 4 from 0 to 2.1% (progressive scale) real estate value 2.9
Workers' Severance Payments 4 2% gross salaries 2.2
Social security contributions (education) 0 2% gross salaries 1.9
Municipal Business Tax 12 USD 375.00 per month fixed fee 1.5
Transfer tax 1 various rates 1.2
Capital gains tax 1 various rates 0.5 included in other taxes
Fuel tax 1 USD 0.25 per gallon 0.3
Advertisement tax 0 paid jointly USD 15 per ad per month 0.1
Vehicle tax 1 fixed fee 0
Stamp tax (Tax on check transactions) 1 USD 0,1 per check number of checks 0
Value Added Tax 12 252 7% value added
Totals: 53 482 45.2
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