Accountancy in Panama
If you have a company in Panama, then you need to prepare annual financial statements on the activities of the company. Financial reporting, management report, and auditor’s report – we are ready to provide you with all these services for your business.
Bookkeeping solution
The specialists of our company will be happy to help you with bookkeeping in Panama. We provide a comprehensive, quality service for you. We provide all types of audit services including, financial reporting, management reports, and auditor’s reports, as well as give a consultation.
Support for statutory or internal audit
We provide statutory and internal audit service to any organization is one of the important aspects of business activity.
Preparation of annual reports
Every year the company must submit an annual report about their activities with or without profit. Our company provides accounting services for enterprises in Panama, which operate in various fields of activity.
HR payroll management
The goal of HR payroll management is to simplify HR management processes and save your time. Payroll and tax calculations are also included in the package.
Drawing up permanent reports on accounting documents
All organizations in Panama are required to prepare financial statements based on synthetic and analytical accounting data. The financial statements are signed by the head and the chief accountant (accountant) of the organization. By law, tax reports are submitted to the regulatory authorities on a monthly or quarterly basis.
Management of company accounts
Management accounting is one of the key factors when discussing business programs, plans, and goals in large organizations. Management accounts are usually built from multiple income statements of the firm. Management reports are usually prepared monthly or quarterly.
Bookkeeping consultation
If you need more information about bookkeeping in Panama, contact us and request consultation.
Bookkeeping for business
Our company provides consultations and highly qualified accounting services, on issues of legislation and taxation. Our company offers full accounting support in Panama.
Taxes in Panama
One of the reasons why Panama is a great choice for business formation is a low tax rate which is one of the lowest in all of the world – read more about the tax system in Panama below.
Corporate income tax
One of the main taxes that business entities are required to pay is on the profits of legal entities. Resident enterprises are required to pay a fee to the budget on all profits from their entrepreneurial activities.
Withholding tax
Payable when distributing dividends. The base rate of this tax is 10% (for registered shares), 20% (on bearer shares) 5% (for companies in free zones)
Value added tax
VAT is a mandatory indirect consumption tax. The only exceptions are certain goods and services that have a preferential settlement regime. The standard VAT rate in Panama is 7%.
Learn about taxes
Panama is considered a tax haven – a tax haven. Many businessmen and investors have a company in this South American Republic. Learn about taxation and tax rate in Panamanian jurisdiction.
Financial reports
Following the requirements of national legislation, only those companies that sell their securities are required to submit annual financial statements in Panama. Annual reports are submitted by them in electronic form. Other companies are not required to submit financial statements.
The filing of financial statements in Panama is governed by securities market laws. Panama today uses International Financial Reporting Standards (IFRS). They are required to be used by companies that sell their shares on the exchange and can be used by small and medium-sized businesses.
Listed companies are required to file annual financial statements with the Securities Market Authority (SMV). The rest of the companies keep their accounting records at the place of business.
The annual financial report contains:
- balance sheet;
- report about incomes and material losses;
- annexes;
Financial reporting data is provided using a special online service of the Securities Market Authority. A request for financial statements is possible if the full name of the company and its registration number is available.
Financial statements provide detailed information about the state of the company and its creditworthiness, as well as the results of its activities.
The financial statements of Panamanian enterprises can be used to obtain information about customers in the implementation of foreign economic transactions, the purchase of goods and services, or equity participation in the capital of Panamanian enterprises, as well as when applying to the courts to collect debts.
These annual financial statements of enterprises are provided in strict accordance with Panamanian legislation and personal data protection requirements.
Requests are processed within one business day.
Request bookkeeping solution
Ready for next step
Accelerate your business growth while we take care of everything else.