Taxpayer obligations in Panama

  • Pay their own tax and withholding taxes within the legal deadlines.
    Keep accounts in accordance with generally accepted accounting rules and principles, based on the International Financial Reporting Standards or IFRS and the International Accounting Standards or USGAAP, under the accrual, cash, and cash methods, as indicated in Article 20 of this Decree.
  • Submit the corresponding sworn and estimated statements.
  • Enroll in the Single Taxpayers Registry (RUC) of the General Directorate of Revenue (DGI), providing the necessary data and communicating its modifications in a timely manner.
  • Keep in an orderly manner the accounting books, the recording machines, and their registers, as well as the supporting documentation of the entries made. When taxpayers and responsible parties keep their accounts or part of them electronically, they shall make the computer equipment and its operators available to the DGI officials to assist them in the development of the audit.
  • Provide, when required by authorized tax officials, by means of a formal written communication and with a period of 24 hours to comply with such request, accounting records and vouchers and financial statements and other documentation relating to their income-producing activities and to facilitate inspections or verifications in any place, commercial or industrial establishments, offices, warehouses, ships, aircraft, and other means of transport.
  • Present or exhibit at tax offices or before authorized officials the declarations, information, documents, proofs of legitimate origin of goods related to events that generate tax obligations and formulate the extensions or clarifications that may be requested of them.
  • Communicate any change in their situation that may result in the alteration of their tax liability, especially when it concerns the start or end of their activities.
  • Appear at the tax offices when their presence is required by formal and written communication.
  • Any other duty that the General Directorate of Revenue of Panama deems necessary.


Formal duties must be fulfilled:

  • In the case of natural persons, by themselves or by their legal representatives or agents.
  • In the case of juridical persons, by their legal representative or by a proxy appointed for this purpose.
  • In the case of collectivities that constitute an economic activity, have assets and functional autonomy, by the person who administers the assets and, failing that, by any of the members of the collectivity.