According to the Panamanian tax laws, a Panamanian corporation is required to file an annual tax return regardless of whether it has had any activity during the year. Therefore, if your Panamanian corporation has been registered and is still active, you are required to file a tax return every year, even if the corporation has not had any activity during that year.
The tax return should be filed with the Panamanian tax authority, which is known as the General Directorate of Revenue. The tax return must be filed on or before March 31st of each year, and failure to file may result in penalties and fines.
It’s worth noting that the annual tax return for a corporation with no activity is relatively straightforward, and there is generally no tax liability. However, it is still important to file the return on time to avoid penalties and to maintain compliance with Panamanian tax laws.
It’s always recommended to seek the advice of a certified public accountant or lawyer in Panama who is familiar with the Panamanian tax system to ensure that you are meeting your tax obligations correctly.
If you need to translate your tax return into a foreign language, please contact us.