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Republic of Panama Law #52 (2016) amended

Receiving e-mails about the amending of Panama Law #52 (2016) with Panama Law #254 (2021)  about the reporting requirements due April 30 for Panamanian Corporations and Foundations.  

The e-mails being received from different Panamanian Law firms seem to indicate that all Corporations and Foundations regristered in Panama have new reporting requirements but when reading the Law it seems that if your "legal entities carries out commercial operations within the Republic of  Panama" you are  exempt from the new reporting requrements.  The requirements are for Offshore Corporations and Foundations that is Corporations and Foundations doing business outside of Panama but using a Panamanian Corporation or Foundation as a business cover.

Question remains and needs to be verified is if a Panamanian Corporation or Foundation is doing business in Panama are they indeed exempt from the new reporting requirements.

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Replies

  • They are not exempt, Panamanian Corporation or Foundation in Panama must comply with Law 254.  

    Here is some information that should clear this up:

    KEY INFO LAW 254  

     If you have a foundation, corporation, or any type of legal entity in Panama, you need to: 

     Step 1 

    1.      Contact a licensed accountant in Panama, if you do not have one, see at the end of this communication some references.  

    Step 2 

    2.      Inform him/her that you need to comply with Law 254 and that you have a legal entity and the purpose of it, for example:

    • Corporation or Foundation holding assets (ex: a home held in a foundation)
    • Corporation operation a business in Panama
    • Corporation operating a business overseas
    • Corporation investing in securities
    • Corporation with no operation (a FNV corporation)

      **If the accountant is familiar with this law, the accountant will know what to ask you to create the documents (Accounting records) you need** 

    Accounting records: those that clearly and precisely indicate the operations of the legal entity, its assets, liabilities and equity, as well as those that serve to determine the financial situation with reasonable accuracy at all times and allow the preparation of financial statements. 

    Step 3 

    Provide your resident agent (registered attorney of the legal entity) with a digital copy of the accounting records and the documents of support that served to create them. 

    Deadline: The copy of the accounting records and documents of support shall be sent to the resident agent no later than April 30, 2022.  

    If you do not have an accountant, here are some references: 

     

    Gilberto Cardoze 

    gilberto.contabilidad@gmail.com 

    David, Chiriqui, Panama Phone 507-6789-7422 - 507-709-0734 

    or

    Eric Candanedo 

    ecandanedo@candanedocpa.com 

    775-4432              

    David, Chiriqui 

     

     

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