Panama Forum

panamajames
Joined 2012
Posts: 5096

6 years ago

40,000 Panamanian Corporations in arrears

6 years ago

If you have a Panamanian Corporation and have not paid the taxes on it for 3 years, you risk losing it completely, or getting it back into good standing along with a $1000 fine to boot. Many Corporation owners fail to remember to pay the $300 yearly and time just keeps on ticking doesn't it. This from the Panama Star...................................................

Forty thousand corporations are in arrears of three years and owe the single rate that must be paid to the Directorate General of Revenue (DGI) of the Ministry of Economy and Finance.

The DGI made public the list of the companies in two resolutions of the past September 15th. The first, Resolution No. 201-5610 published in the Official Gazette last Monday and the second No. 201-5612 published in the Official Gazette this Wednesday.

The resolutions do not establish the amount of arrears that each company owes, however, the single fee they pay is $ 300 annually. If the three years are taken as a single period of delinquency, the 40,000 companies owe the State $ 36 million, at a rate of $ 900 for the three years each.

The DGI ordered, in the resolutions, to suspend the corporative rights of corporations for a period of three consecutive years, by means of a marginal annotation in the Public Registry.

According to the resolutions, the suspension of corporate rights began to take effect one day after publication in the Official Gazette of the rules, and representatives have up to two years to request their reactivation for which they must pay the delinquency plus a fine of $ 1,000 in the DGI.

'Once the period of two years has elapsed without a reactivation of the legal person, the Public Registry will proceed with the definitive cancellation and, as a consequence, it will be understood that it is definitively dissolved with all the legal effects that it entails', they point out both resolutions, which are signed by Publio Cortés, director of the DGI. With the suspension of corporate rights, representatives of corporations are unable to initiate legal proceedings, conduct business and dispose of their assets, as well as make claims or exercise any right. In addition, they may not carry out any corporate action that is binding on the corporation. Only, in addition to the reactivation,

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