Tax & Legal

Decree 1493 of December 13, 2024

By means of this Decree the National Government provides for the readjustment of the absolute tax on automobiles for fiscal year 2025, pursuant to Article 145 of Law No. 488 of 1998

Extension of Deadline for Accounting Records

On December 24, 2024, Panama’s General Directorate of Revenue (DGI), through Resolution No. 201-9360, announced an extension of the deadline for resident agents to file the accounting records affidavit for the fiscal years 2021, 2022, and 2023. The new deadline is March 31, 2025.

Decree 1496 of 2024

The purpose of the Decree is to update and regulate aspects of Article 260-7 of the Tax Statute - ET, particularly with respect to the identification and classification of non-cooperative and low or no tax jurisdictions for income tax purposes. This is intended to promote tax transparency and the exchange of tax information between Colombia and other countries.

New regulatory provisions in Panama

On December 30, 2024, Panama’s Ministry of Economy and Finance issued Executive Decree No. 177, establishing new regulations and provisions regarding the obligation to maintain accounting records and their management for legal entities incorporated in the Republic of Panama.