The Government of Panama has increased the annual flat tax (in place of corporation or income tax) paid by companies and foundations from US$150 to US$250. Law No. 61 of 2002 further increases the fine for late payment of the tax from US$30 to US$50.
A company that fails to pay the tax on time will not have competence to enter into legal agreements until the tax and any associated fine is paid. If a company fails twice to pay the tax on time, the fine becomes US$250, and the public register will carry a notation that the company is not in good standing. This notation will be removed within three days of payment of outstanding tax and fines.
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