PANAMA

On September 7, it was published the text presented by Deputy Víctor Castillo (PRD – ruling party) before the plenary of the National Assembly on a bill that establishes a Special License for Innovative Companies in the digital and technological development area, and that modifies the law that establishes the Special Regime for the Establishment and Operation of Headquarters of Multinational Companies. The bill was sent to the Trade and Economic Affairs Committee to begin its legislative debate in the short term.

On the other hand, the National Customs Authority (ANA in Spanish) met with the Chamber of Commerce and Industry to promote measures to guarantee the payment of taxes by companies engaged in courier services. No concrete measures to achieve this objective have been announced so far, but they could be promoted in the medium term.

Bill that establishes special license for digital companies.

Among its main provisions, it establishes:

• To create the Licenses of Innovative Companies in the digital area or technological development.
• It defines Innovative Companies as those legal entities that develop products or services for the development of technologies or web process designs.
• Among the requirements mentioned to access the License are: the assets of the company, the activities or operations of an innovative nature in the digital area or knowledge and technological development, among others.
• It indicates that Panamanian companies may obtain the right to a 50% exemption of the tax on the Transfer of Goods and Services (ITBMS in Spanish) if they integrate in their production chain of goods and services a company with a License of Innovative Companies in the digital area or technological development.

Customs analyzes measures to guarantee the payment of taxes of Courier companies

At the meeting between ANA and the Chamber of Commerce and Industry, they discussed the possibility of continuing to promote measures to guarantee the payment of the corresponding taxes of the companies dedicated to the courier service and which are legally established in Panama.

On the occasion, the head of Customs, Tayra Barsallo, was present, and emphasized “the need to create a technological module that would allow the corresponding taxes to be assessed in a coordinated manner”. This would imply the coordinated work of the Ministry of Commerce and Industries (MICI in Spanish), the General Revenue Directorate (DGI in Spanish), the Post and Telegraphs Directorate (COTEL in Spanish) and Customs.

According to the entity, the need to strengthen measures arises to ensure the legal establishment of companies and effective compliance with the rules in force, as companies operating illegally have been detected. Thus, they indicated that they will continue meetings in work tables with representatives of the private sector and the MICI and DIG, to evaluate the possible measures.