Panama's National Assembly Considering Draft Bills for Reduced Tax Rates for SMEs and Payment Relief in Response to COVID-19

Panama's National Assembly is considering two draft bills submitted on 27 July 2020 that include measures in response to the COVID-19 pandemic.

The first bill, Bill No. 358, provides for the introduction of reduced income tax rates for companies and individuals qualifying as SMEs that would apply from the 2020 fiscal year, subject to the following conditions:

• the SME is registered as such before the authority;
• the SME's gross annual income does not exceed PAB 500,000; and
• the SME is compose…