Jurisdictions - Panama |
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Key Points: - An individual is considered resident if he/she is present in Panama for more than 180 days in any one tax year. - Residence has to be officially recognised by the Government. - Income such as wages and salaries are treated as originating from a source located within Panamanian territory – even though such personal services may be physically and actually rendered both within and outside Panamanian territory – if the individual taxpayer resides in the Republic of Panama for at least 70% of the calendar days of any given year. - Other income (e.g. dividends, pension payments and interest) is not covered by the new rule. - Individuals have a personal allowance of PAB800 (1,600 for a married couple filing together), plus PAB250 for each dependent. - Mortgage interest is deductible up to PAB15,000 per year. - Employers pay 10.75% of salaries and wages, plus 1.5% educational tax. - Exports are VAT zero-rated, however there are some exemptions.
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