The Panamanian government has approved amendments to the Tax Code of Panama via Law 28 of 8th May, 2012. Among these amendments, there is an increase in the annual franchise tax for corporations, private interest foundations and limited liability companies.
According to said law, the Corporations and Limited Liability Companies will pay USD300.00 franchise tax at the time of their incorporation and USD300.00 as their annual franchise tax. The Private Interest Foundations will pay USD350.00 franchise tax at the time of their constitution and USD400.00 as their annual franchise tax.
At the same time, the Union of Notaries of Panama has decided via resolution, to increase their fees for certain services rendered. Therefore, you will notice an increase in Notarial Fees for procedures such as Amendments, changes in the Board of Directors and Powers of Attorney etc.
Due to the above, beginning on May 9th, 2012, you will see adjustments on our quotes and invoices for Panamanian Corporations, Limited Liability Companies and Private Interest Foundations, which reflect these increases.