TAXATION

"The hardest thing in the world to understand is the income tax."

– Albert Einstein (Quotation)

According to the article 27 of the law, the foundations will be exempt from any tax, contribution, tax, amount or tax of any class or denomination, the acts of constitution, modification or extinction of the foundation, as well as the acts of transfer, transmission or encumbrance of the assets of the foundation and the income from said assets or any other act on them, provided that such assets constitute:
  • 1. Assets located abroad.
  • 2. Money deposited by natural or legal persons whose income is not from a Panamanian source or is not taxable in Panama for any reason.
  • 3. Shares of any kind, issued by companies whose income is not from Panamanian source, or when their income is not taxable for any reason, even when such shares are deposited in the Republic of Panama.

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