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The Panamanian Tax Authority issued Resolution No. 201-3486 on 17 April 2023, instructing the Tax Information Systems Department to make the necessary adjustments to the informatic systems to establish a fine for failing to submit a withholding tax return, known as Form 03 (in Spanish, "Planilla 03").
The penalty for not timely filing Form 03 is as follows:
Employer's annual income (in Panamanian Balboa) | Penalty |
From B/. 0.01 and up to B/. 150,000.00 | B/. 100.00 |
From B/. 150,000.01 and up to B/. 500,000.00 | B/. 500.00 |
From B/. 500,000.01 onwards | B/. 1,000.00 |
The penalty for not timely filing Form 03 will be applied to noncompliance committed since Decree 20 of 28 April 2022 entered into force (i.e., 28 April 2022) and established a monthly filing requirement for the form.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Limited Corp., Panama City
- Rafael Sayagues
- Luis Ocando
- Carlos Márquez
- Meitner Gonzalez
Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor
For a full listing of contacts and email addresses, please click on the Tax News Update: Global Edition (GTNU) version of this Alert.