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Panama Outlaws Tax Evasion

by Mike Godfrey, Tax-News.com, Washington

17 June 2019


Panama has enacted Law 70 to criminalize tax evasion.

Those individuals or companies who evade tax of USD300,000 or more can be imprisoned under the law for a period of not less than two years, and must repay an amount equal or greater than the tax evaded. Prosecution may be waived when the tax owing is repaid, alongside any interest, surcharge, or penalties due.

The law is effective 30 days after its publication in the Official Gazette on February 1, 2019.

The provisions were earlier proposed to be included in Bill No. 591, tabled in parliament in January.

TAGS: individuals | compliance | tax | tax compliance | interest | law | transfer pricing | penalties | Panama | BEPS

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