Panama's Ministry of Economy and Finance has issued a release announcing the designation of banks and other financial institutions as withholding agents for the withholding tax mechanism for property (real estate) tax purposes that was introduced with effect from 1 January 2019 ({News-2018-12-18/A/6-previous coverage}). Generally, the withholding agent is the bank or institution that provided financing for the property.
The release includes that for financing granted from 1 January 2019, a…