Panama is an offshore jurisdiction situated in Central America. The country controls the Panama Canal and see vessels. It is also a major financial centre. Panama’s economy has been growing steadily in the recent years. Offshore companies in Panama are not required to file financial statements or tax returns, or pay taxes. However, in accordance with Russian legislation on controlled foreign companies (CFC), these companies (if controlled by Russian tax residents) must have their reports submitted to the Russian tax office.
(fees are charged on a time-spent basis; the rate depends on the complexity of the work and qualification of the specialist involved)
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Law No. 52 of 27 October 2016 requires all companies in Panama to keep accounting records and supporting documents. A company must show in its records all transactions that took place during the previous 5 years, to enable to determine the company’s activities and financial position with reasonable accuracy.
Documents reflecting the activities of the company must be kept at the office of the local registered agent (resident of Panama) or any other place selected by the company. The registered agent must be informed in writing of any change in records keeping address or contact information within 15 business days. Otherwise, the agent will be required to file their resignation with the Registrar of Companies of Panama.
The obligation to file financial statements applies to companies doing business in Panama, companies that receive income sourced in Panama, licensed organisations, commercial and state banks, insurance companies and companies listed on the stock exchange.
Companies that do not do business in or receive income from Panama are not required to file financial statements or tax returns.
Statutory audit applies to licensed organisations, commercial and state banks, insurance companies and companies listed on the stock exchange.
Companies resident in Panama must have a statutory annual audit if they meet the following two conditions:
Non-resident companies have no obligation to conduct an audit.
Companies licensed in Panama must submit an annual report and a copy of audited financial statements within 6 months of the end of the financial period.
Legal entities that have non complied with the requirements set out in Law No. 52 are subject to penalties (a fine of USD 1,000 and a further USD 100 for each day of non-compliance).
There is no requirement to prepare a consolidated report.
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