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· The deadline for Panamanian resident agents to file affidavits corresponding to the possession and location of offshore entities’ accounting records has been extended until 15 October 2023.
· This extension implicitly grants additional time for these entities to provide the relevant information to their resident agents.
· It is important for offshore entities to provide information about their accounting records in advance, so their resident agents can prepare and file the affidavit within the corresponding deadlines and avoid penalties.
The Panamanian Tax Authority has extended, until 15 October 2023, the deadline for resident agents to file affidavits corresponding to the possession and location of offshore entities’ accounting records.
Background
Law 52 of 2016 establishes that legal entities that do not carry out operations that are completed, consummated or take effect in Panama (known as offshore entities) are required to keep accounting records and supporting documentation, which must be available for a period of at least five years.
Subsequently, Law 254 of 2021 established that (i) these entities must provide to their resident agents, by 30 April of each year, copies of their accounting records for the fiscal period ending on December 31 of the immediately preceding year, and (ii) the resident agent must file an annual affidavit with the Tax Authority regarding the possession and location of these records.
Extension of the deadline
Through Resolution No. 201-6489 of 6 July 2023, the Tax Authority extended, until 15 October, 2023, the deadline for resident agents to file affidavits corresponding to the fiscal years 2021 and 2022, pursuant to the provisions of Law 52 of 2016, as amended by Law 254 of 202. This extension also effectively extends the term for offshore entities to provide this information to resident agents. Nonetheless, it remains important for offshore entities to provide information about their accounting records in advance to enable their resident agents to prepare and timely file the affidavit.
This Resolution became effective as of its promulgation in the Official Gazette on 13 July 2023.
For additional information please contact:
Ernst & Young, Panama
• Rafael Sayagués | rafael.sayagues@cr.ey.com
• Luis Ocando | luis.ocando@pa.ey.com
• Carlos Márquez | carlos.marquez@pa.ey.com
• Meitner González | meitner.gonzalez@pa.ey.com
• Ana Clement | ana.clement@pa.ey.com