In order to support taxpayers, the National Government and the General Directorate of Revenues of the Ministry of Economy and Finance have taken the following measures:

• Surcharges, interest, and fines: 85% of the total will be waived for payments to be made after February 29, 2020, and until June 30, 2020.
• Payment arrangements:
  • The deadline for full compliance with those existing on February 29, 2020, is extended to December 31, 2020.
  • New payment arrangements can only be made until December 31, 2020.
• Ex officio approval: No formalities are required to benefit from the amnesty. It will be understood that the taxpayer automatically avails himself of the benefits of the Law, once he has made any payment in order to settle his debt with the DGI.
• Estimated 2020: The estimated tax to be paid in 2020 can be determined at 70% of the tax due for 2019 and will be paid in September and December 2020 (instead of April, August and December).
• Omitted: The tax resulting from an updating of periods prior to 30 July 2019 shall be subject to the remission of 85% of surcharges, interest and fines provided that said tax was generated after 29 February 2020 and paid before 30 June 2020.
• Declaration of Improvements - Real Estate: Procedures are established to make the declarations without the corresponding fine.
• The following forms/reports may be filed until June 30, 2020:
  • Reports of Donations Received
  • Non-reporting taxpayers' (NGO) report - F27Report of forms 03-F3
  • Reports of retirement funds, pensions, and other F-40 benefits
  • Insurance reports - certification of medical expenses per insured F-41
  • Certification of Interest on Non-Preferred Residential Mortgage Loans F-42
  • Reports on purchases and imports of goods and services F-43
  • Credit card sales report (VTD) F-44
  • Transfer pricing reports F-930
  • Affidavit of income for natural persons (F1)
  • Income tax return for legal persons (F2)
  • Free Zone Income Tax Return (F-18)
• The electronic submission of those original documents and/or authenticated copies of documents that serve as evidence or that are requirements for procedures and applications before the DGI is authorized.
• The DGI is authorized to issue countersigned good standing certificates to taxpayers who are in arrears or whose current accounts are not in order, provided that the request is duly justified and supported.
• Municipal Tax - Panama City: The period for filing the corresponding return, and payment to make the payment has been extended until June 31, 2020, without fines, surcharges and interest.
• Social Security Fund: The generation of fines, surcharges and interests for the presentation and/or late payment of the monthly return is suspended for the quota months of February, March, April and May 2020, both for the mandatory and voluntary regime.