OrbitaxWorldwide income system for income tax – abolished
|Approved Changes|Panama
On 10 January 2014, Law No 01/2014 of 8 January 2014 was published in the Official Gazette No. 27450-A. The Law abolishes the modification of article 694 of the Fiscal Code, with retroactive effect to 31 December 2013.
Law No. 01/2014 re-establishes the prior version of article 694, by implementing a territoriality principle of taxation for both corporate and individual resident taxpayers..
