February 25, 2022

Affidavit of Income

At Sterling we are ready to help you and take you by the hand in managing your income tax returns for both legal and natural persons for the 2021 tax period. Due to its periodicity, this return is annual and must be submitted within three (3) months following the end of the taxpayer's fiscal year at the offices of the Regional Revenue Administrations. The obligation to submit the Income Statements is contemplated in Article 710 of the Tax Code.

Legal person

Any legal entity that must cover the tax on its own account or that of other persons will present, by itself or through a duly constituted proxy, a Income Statement on forms provided by the DGI.Taxpayers with more than one business or establishment must file a single Income Tax return for all their income; even in cases where special provisions require or authorize separate accounting.

Natural person

Employees who request tax refunds, independent professionals and business natural persons will present this type of declaration.

Declaration deadlines of ISR

Natural Person: Until March 15 of each year, or fiscal period.Legal entities: Until March 31 of each year or fiscal period.

Declaration extensions of ISR

Taxpayers may request an extension for the presentation of the income statement, which will be until April 15 for natural persons, April 30 for legal persons.

Deadline for submitting amendments

The incomes statements may be extended or rectified only once per fiscal period and within a peremptory period of thirty-six (36) months or three years, counted from the expiration of the term established by law for the presentation of the original income statement.Important: Taxpayers will not be able to submit corrective returns if they are being audited by the DGI. Executive Decree No. 98 of September 27, 2010-Article 125.

Presentation cost

The presentation of the corrective declaration will cause a cost of one hundred balboas (B/.100.00) for natural persons and five hundred balboas (B/.500.00) for legal persons.

Source: General Direction of income.

Contact us

How can we help?

We help you plan your accounting and tax processes. Write to us and our experts will review your request as soon as possible.

Bloc Office Hub, Seventh Floor, Santa Maria Business District, Panama, Republic of Panama.

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