Global

Details

  • Service: Tax, Global Transfer Pricing Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 11/7/2013

Panama - Transfer pricing documentation deadline extended to 31 December 

November 7: Panama’s tax authorities have extended the deadline for transfer pricing documentation submissions to 31 December 2013.

Resolución No. 201-14244—published in the official gazette on 21 October 2013, and released by Panama’s tax authorities (Autoridad Nacional de Ingresos Públicos)—extends the deadline to 31 December 2013 for filing transfer pricing documentation (Formulario 930) corresponding to tax year 2012.


Originally, corporate taxpayers that engaged in transactions with related foreign entities and that had a tax year ended 31 December 2012 had to file their transfer pricing reports demonstrating the arm’s length nature of these related-party transactions by 30 June 2013.


A penalty of 1% of the gross amount of all transactions with related foreign parties may be imposed on taxpayers that do not comply with the documentation rules.


Read an October 2013 report (Spanish) [PDF 272 KB] prepared by the KPMG member firm in Panama: Prórroga: Presentación de informes de precios de transferencia – Formulario 930



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




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