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Official languages

ISO 4217

Panama City


4,238,144 (as of 2020)



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Panama has a strong and growing economy, with a GDP of $67.7 billion in 2019, according to the World Bank. This is an increase of 4.2% from 2018, and the country is expected to continue to grow in the coming years. The country has a low unemployment rate of 4.2%, and a high labor force participation rate of 74.2%. The country also has a strong banking sector, with a total banking assets of $90.3 billion in 2019. The country also has a strong tourism sector, with over 2.5 million tourists visiting in 2019, generating over $2.5 billion in revenue. Panama also has a strong agricultural sector, with exports of over $1.2 billion in 2019. Overall, Panama has a strong and growing economy, with a bright future ahead.


In Panama, both individuals and corporations are subject to income tax. The tax system in Panama is territorial, meaning that only income earned within Panama is subject to taxation.

For individuals, income tax is calculated on a progressive scale ranging from 0% to 25%. Taxable income includes all income earned within Panama, including salaries, wages, and self-employment income. Deductions are allowed for certain expenses, such as health insurance premiums and charitable contributions.

For corporations, the income tax rate is 25% of taxable income. Corporate income tax is imposed on all income earned from Panamanian sources, including profits, dividends, and capital gains. Certain deductions are allowed, such as expenses incurred in generating taxable income.

The tax year in Panama runs from January 1st to December 31st. Tax returns are due by March 15th of the following year for both individuals and corporations. Taxes must be paid in four installments throughout the year, with due dates of March 31st, June 30th, September 30th, and December 31st. The amount of tax due is based on estimated income for the year, and any overpayment or underpayment is reconciled with the final tax return.

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