Tuesday, December 31, 2013

Panama Passes Law To Tax Worldwide Income on December 31, 2013

 Whhoaa -- I'm Thankful to not be that guy: "Panama Jack" Panama Passes Law To Tax Worldwide Income on December 31, 2013 -- the Panama assembly has passed (and it has been signed by the president) an amendment to the Codigo Fiscal that will make worldwide income subject to Panamanian income tax.

  In other words, they want to do what the US does (but vitually no other country does) by taxing any of your income anywhere in the world. This will be a definite game changer for most expats, as well as many Panamanians.

 This was passed during the extraordinary sessions of the Assembly, with virtually no debate and no notice. According to the article it may affect hundreds of thousands of corporations as well as individuals.: http://boquete.ning.com/forum/topics/panama-passes-law-to-tax-worldwide-income?commentId=1434455%3AComment%3A457294&xg_source=activity

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