CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Panama Strengthens New Law Criminalizing Tax Evasion

Panama Strengthens New Law Criminalizing Tax Evasion

by Mike Godfrey, Tax-News.com, Washington

13 September 2019


Panama's Cabinet Council has approved a proposed legislative amendment to enable the country to more effectively penalize repeat tax evaders.

The proposal follows the enactment of law 70 of January 31, 2019, which criminalizes tax evasion for the first time. The law specified that those individuals or the directors of companies who evade tax of USD300,000 or more can be imprisoned under the law for a period of two to four 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 amendment would enable errant taxpayers to enter into an agreement with the authority for payment of the tax evaded only once.

The proposal has been sent to the National Assembly for approval.

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

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »