Increase of the Renewal and Incorporation Cost.
According to Law 28th, enacted on May 8th. 2012, Panama has increased the costs for the incorporation and renewals of the annual franchise tax for Panama Private Interest Foundations as well as the cost for the incorporation of Panama Corporations, as follows:
- Public Registry costs for the incorporation of a Private Interest Foundation: now US$350 (before $250).
- Renewal of the annual franchise tax for a Foundation : now US$400 (before $300)
- Public Registry costs for the incorporation of a Company: now US$300 (before $250)
- Renewal of the annual franchise tax for a Company : remains in US$300
Penalty for late payments increased for the Corporations and Foundations:
The failure to pay on time the annual franchise tax, in two (2) consecutive periods, will cause a penalty of US$300.