"Which regulates Law 52 of October 27, 2016, which establishes the obligation to keep accounting records for certain legal persons, as amended by Law 254 of November 11, 2021 and dictates other provisions. "
The purpose of this decree is to comply with the regulation of Law 52 of October 27, 2016, as amended by Law 254 of November 11, 2021, which obliges any legal entity incorporated under the laws of the Republic of Panama, to reflect its financial situation annually, as well as the obligation of custody of its accounting records by resident agents.
The following are exempted from complying with the obligation of these regulations:
- Those that are taxpayers, tax residents in the Republic of Panama and/or carry out operations that take effect in the Republic of Panama;
- Those listed on a recognized local and/or international stock exchange;
- Those owned by an international or multilateral organization or by a State; and,
- Those who are owners or charterers of vessels registered exclusively under the international merchant marine service of the Republic of Panama.
All foreign Panamanian juridical persons are required to deliver to their resident agent, no later than April 30 of each year, their financial statement, or a balance sheet summarizing their financial situation, signed by the legal representative, any officer or member of the board of directors or council, beneficial owner or attorney-in-fact. Likewise, Panamanian, foreign legal entities without operations must submit a certification or affidavit stating that it has no income, no assets and does not carry out any commercial activity, signed by a member of the board of directors, beneficial owner or attorney-in-fact.
The resident agent, in turn, is obliged to deliver annually to the General Revenue Directorate a sworn statement containing a list of the legal entities for which it has the information established in the Regulations. The resident agent shall deliver the accounting records and supporting documentation for the fiscal periods 2021, 2022, 2023 and 2024 before April 30, 2025.