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Territoriality and Openness to Foreign Investment: An Overview of the Panamanian Tax System

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Ranked 40 in the World Economic Forum’s Global Competitiveness Report, Panama is one of Latin America’s most competitive economies, and one with a long-standing tradition of openness to foreign investment. The country’s tax system is undoubtedly one of the factors that help it in achieving an attractive business environment. KPMG

 

Country: Panama
Contributed by: KPMG
Published: 2014

 

The Republic of Panama has a territorial taxation system that levies income tax only on income that arises from a Panamanian source, regardless of the nationality or residence of the person that receives such income. Income from foreign sources is not subject to income tax in Panama, nor is income expressly considered as exempt.

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