Panama

The Tax Procedure Code in Panama was introduced through Law 76 of 2019 with only a selected number of articles entering into force immediately or shortly after, meaning the majority of the Code had a delayed entry into force.

After an extension period was completed, the Code entered into force completely as of 1 June 2024. The entry into force of the Tax Procedure Code is a significant change for tax regulation in Panama as it includes a new set of regulations and obligations for taxpayers and for the Tax Authority.

Some of the main points to consider relate to the period and calculation for statute of limitations, tax queries to the Tax Authority and its effects, information requirements by the Authority, and the procedures for returning undue payments at the request of the interested party, among others.