On 7th March 2018 the Resolution No. 201-1254 was approved by the General Directorate of Revenues in order to update the data of all those companies that at the time did have not established their tax obligations specifically for the purposes of Income Tax and not to generate fines.
They have created two categories of obligations:
- A) ISR Panamanian source
- B) ISR not Panamanian source
Category “A” includes all companies that receive income from Panamanian source, even if the income is minimal. These companies are obliged to present income statements from the time of registration and at the time of dissolution. They can adjust the information of the obligation in the table of type of companies of the RUC model in the tax computer system e-Tax 2.0.
Category “B” includes all companies that do not generate income from a Panamanian source, and companies created only to own real estate. These companies are not required to submit income tax returns.