Outsourcing of Accounting Services

By this complete portfolio our company, provides the outsourcing accounting services tailored to the needs of our clients, which includes the collecting, registry and maintenance of the commercial, professional or businesses information as natural person or entrepreneurship. We perform our work on the base of application of the Financial Reporting Standards (NIF’s), and we take into consideration all of the aspects related to the financial operations carried out by the companies, accounting cycles and all of the other aspects that are taken into account in the Republic of Panama.

The main characteristics of our services are the following:

  • Information
  • Adjustment of Accounts, Accounting
  • Consultancy and/or Supervision Accounting Accounts
  • Preparing Payrolls
  • Liquidations Employees, Overtime, Form 03, CSS, ITBMS, and Fiscal Stamps
  • Declarations of Income (Legal Entities and Natural Persons)
  • Preparing and Analysis of the Financial Statements
  • Presentation of Financial Statements at Meetings

Fiscal and Tax Advice

This service allows us to give you in a simple and understandable manner, the analysis to determine the tax and regulatory compliance based on the laws in effect. In addition we facilitate, through a specialized tax consultancy process, the analysis of the tax situation of the company or of a natural person, to establish in such order, the strategies that lead to an effective tax planning, for the taxes to be managed in a responsible and efficient manner.

The main characteristics of our services are the following:

  • Information
  • Legal Tax Advisory;
  • Legal Advice in Taxes and Regimes;
  • Corporate Legal Consulting;
  • Procedures at the Social Security;
  • Measures on Labor Law;
  • Tax Planning;
  • Financial Certifications.


Our audit services provide our clients with an independent and professional assessment of the accounting, administrative and operational practices that a legal entity may have (natural persons and legal entities). Through the composition of accounting technical opinions, we determine the risks for the businesses and/or professional activities and we provide the receiving customer with the tools and financial information necessary for proper decision making.

The main characteristics of our services are the following:

  • Information
  • Audit of Financial Statements
  • Fiscal Audit
  • Internal Audit
  • External Audit
  • Operational Audit
  • Administrative Audit
  • Governmental Audit
  • Comprehensive Audit.

Transfer Price

Penalties due to Breach on Transfer Price in Panama

In spite of the short time of experience of the General Directorate of Revenue (DGI), its position in recent years has been considered aggressive for the taxpayer, since, for example, it has required some of them, to submit their Transfer Price Research within a few months of conclusion of the fiscal year, as well as to exercise the application of automatic fines for the failure to submit the information statement of transfer price, so it is possible to affirm that the audits of transfer price in Panama, are becoming more frequent and much more complex.

The obligation to have a transfer price research exists since the year 2011, applicable only in those cases where transactions were carried out with whom Panama had signed a treaty to avoid double taxation; however, as from the fiscal year 2012, by means of Panamanian Law 52, taxpayers who carried out operations with related parties abroad were included in the scope of the obligation, regardless of whether the latter are located or not, in a country with a treaty to avoid double taxation with Panama.

Transfer Price Research in Panama

The documentation of transfer price is formally legislated in Chapter IX of the Fiscal Code of the Republic of Panama, added according to article 1, law 33 of 2010, modified by Law 52-2012.

Article 762-A of said Law, which refers to operations that taxpayers carry out with related parties, must be valued according to the principle of free competition, that is, that the ordinary and extraordinary income, as well as costs and intercompany deductions, are agreed upon reference to the price they would have established or agreed upon unrelated or independent parties in similar circumstances.

To comply with the above, transfer price methods or established procedures by the law in Panama, must be applied, resulting mandatory the hiring of specialized consultants on transfer price to provide the most appropriate tax advice.

Scope of the Obligation in Panama

Article 762-D of Law 52-2012 requires taxpayers to have a research on transfer price to who carry out any transaction with related parties who are tax residents of other jurisdictions, whenever said transactions have results such as income, cost or deductions in determining the taxable base, for Income Tax purposes, of the fiscal period in which the operation is declared or carried out.

Date and Manner of Presentation

The Transfer Price research must comply with the requirements established in Article 762-J of the Tax Code and it must be available in case the Tax Administration so requires. For its delivery, the taxpayer will have a period of 45 business days.

Transfer Price Information Statement in Panama

Taxpayers are required to have a Transfer Price research; in addition, they must submit a Transfer Price Information Statement (form 930) that is established in article 762-I of the Code. Said annex of related parties must be submitted no later than six (6) months after the end of the taxpayer's fiscal year.

It is important to mention that, as of fiscal year 2016, this information must be submitted through the online system e-tax 2.0, published by the DGI.

Penalties due to Breach of Transfer Price in Panama

Failure to file the information statement will result in a 1% fine on the total gross amount from transactions with related parties, up to a maximum of $1,000,000 dollars.

On the other hand, Panamanian legislation does not provide for a specific fine due to the lack of a Transfer Price research; however, general fines for non-presentation of documentation that may range from $1,000 to $5,000 USD in the first year, and between $5,000 and $10,000 USD in case of reoccurrence.

In addition, the existence of transactions outside market margins will allow the Tax Administration to consider, through an audit or transfer price supervision, that the price or profit margin, in operations between related parties, is the average of the ranges derived from research performed, which is known as transfer price adjustment.


  • Registration of Natural Person and Legal Entity.
  • Compliance with tax obligations, main taxes.
  • Management of requests for refunds of balances in favor.
  • Management for closing of operations of the companies
  • Tax and tax advice.
  • Fiscal diagnosis.
  • Mergers and excision.
  • Estate Tax Planning
  • International Tax Treaties.