It is being reported that the tax administration (Dirección General de Ingresos—DGI) recently implemented an audit and supervision program with respect to entities registered under the regime for multinational enterprises (Sede de Empresas Multinacionales—SEM), as required by Law 41 of 24 August 2007.
An aim of the program is to verify the entity’s compliance with tax obligations and other formal measures under Panamian law. Along these lines, the DGI is verifying documentation and information that a SEM company would have with respect to income tax, salary payments, and other transactions.
Read an October 2016 report (Spanish) prepared by the KPMG member firm in Panama: Auditoría y Fiscalización de Empresas SEM
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.