• Service: Tax, Global Transfer Pricing Services
  • Type: Regulatory update
  • Date: 1/28/2014

Panama - Penalties for non-compliance with transfer pricing report, study 

January 28:  Taxpayers in Panama are required to present to the tax authorities (Autoridad Nacional de los Ingresos Públicos—ANIP) an annual transfer pricing report (Form 930) and a related transfer pricing study.

The transfer pricing report and study for the tax year ending on 31 December 2013 are due before 30 June 2014.

A law (Ley 114) enacted late in 2013 sets forth penalties for those taxpayers that fail to satisfy the transfer pricing report and study requirements. In general, the penalty to be imposed will be equal to 1% of the total value of the related-party transactions, with the penalty not to exceed 1 million balboas (approximately U.S. $983,000).

Read a January 2014 report (Spanish) [PDF 140 KB] prepared by the KPMG member firm in Panama: Monto máximo para las multas aplicables por la no presentación de los Informes de Precio de Transferencia

Contact a tax professional with KPMG's Global Transfer Pricing Services.

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now