1. Law 99 of October 11^th, 2019 grants general tax amnesty on interests, surcharges and fines of taxes due as of June 30^th, 2019 by natural persons, legal persons and real estate to the Tax Authority of the Ministry of Economy and Finance of the Republic of Panama, with the exception of those taxpayers who maintain even administrative tax evasion or criminal tax fraud processes.

2. The amnesty period is granted until February 29^th, 2020 on interests, surcharges and fines, according to the following conditions:

• 100% – If the payment is made in October and November, 2019
• 95% – If the payment is made in December 2019
• 90% – If the payment is made in January 2020
• 85% – If the payment is made in February 2020

3. These same conditions will also apply to those taxpayers who, at the time of passing this law, had already received a payment arrangement.

In this case, they can sign a new payment agreement, provided that (1) they pay 25% of their debt; and (2) the remaining amount is paid no later than June 30^th, 2020.

4. The law also includes the fines for late filings of reports and late (or never filed) tax returns that are filed from the date the law is in force until December 31^st, 2019.

• Donations Report
• NGO´s Report
• Form 03 on Payrolls
• Form 40 on Retirement Fund
• Form F-41 on Insurance companies (patient’s medical expenses)
• Form 42 on interests certification of mortgages with no preferential interest
• Form 43 on Purchases Report
• Form 44 on Credit Cards sales Report
• Form 930 on Transfer Pricing Report
• Remittances Report for SEM and Panama Pacifico Companies.
• Any other report which establishes a late filing fine.

5. Any new tax amnesty is suspended until December 31^st, 2024.

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