Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 4/28/2014

Panama - Courts address expert reports, tax assessments  

April 28: Decisions by courts in Panama address the following tax-related issues:
  • The Supreme Court of Justice (Third Chamber) held that the Administrative Tax Court of Appeals must consider any “expert reports” submitted during the proceedings at the administrative appeals phase, especially when such expert reports were required by the Administrative Tax Court and prepared by its own experts. The case involved the application of IFRS accounting rules for determining the costs of imported goods.


  • The Administrative Tax Court of Appeals reversed two rulings of the tax administration (Autoridad Nacional de los Ingresos Públicos), holding that the tax administration is not to rely exclusively on a presumption of the legality of tax assessments made by tax officers. Also, any determination reached during the administrative appeals phase must take into account the evidence submitted by taxpayers, or any evidence discovered by the tax court during the appeals phase.

Read an April 2014 report (Spanish) [PDF 265 KB] prepared by the KPMG member firm in Panama: Carta informativa



For more information, contact a KPMG tax professional in Panama:


Rafael Rivera

+50 720 80 700




©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 us-kpmgwnt@kpmg.com.
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

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


Already a Subscriber? Login


Not a member? Subscribe now