We advise our clients on the taxes applicable to their local businesses and transactions. TLS also has expertise in the following areas:

Double Tax treaties (DTT): The Republic of Panama has signed several double taxation treaties with 17 countries, which generally recognize and reduce tax rates or eliminate withholding taxes on certain types of income, such as royalties, interest, dividends, and services. We advise our clients involved in cross-border transactions on the legal requirements to apply before the Tax Authorities for the tax benefits included in these treaties.

Tax Residence Certificate: TLS has an extensive knowledge of the tax legislation regarding the Tax Residence for individuals and legal entities. Our team drafts the application along with all the relevant documents before the Tax Authorities.

Industrial Development Certificate: Our team assists companies in the industrial and agro-industrial sectors in obtaining the Certificate of Industrial Development, known as CIF, which grants a tax credit that can be used to pay national taxes, fees and own contributions.

Free Trade Zones: We advise our clients on the tax benefits of establishing their operations in a Free Trade Zone, such as: Panama Pacifico, Colon Free Zone or City of Knowledge.

Property Tax Exemptions: Property owners in Panama may qualify for various tax exemptions and benefits that can reduce their property tax liability. We advise our clients on the tax reliefs options available to them before the Tax Authorities.

Registration before Municipal Tax Authorities: We assist our clients engaged in industrial, commercial, or profit-generating activities in registering their businesses with the local municipal tax authorities to ensure compliance with this obligation.

Tax & Legal Due Diligence: TLS conducts tax and legal due diligence reports on legal entities to assess the company's situation, identify tax or legal risks, and provide suggestions and recommendations.