Home » News No. 004-2023-PA | General Directorate of Revenue (DGI): sanctions, fines & audit

News No. 004-2023-PA | General Directorate of Revenue (DGI): sanctions, fines & audit

General Directorate of Revenue (DGI): sanctions, fines & audit

Panama City, March 24, 2023

The Panama Tax Authority (DGI) is responsible for the application of transfer pricing rules and regulations. They have the right to examine the transfer pricing tables on the income tax return and request additional information if they suspect that a taxpayer is trying to reduce their tax burden through transfer pricing.

The Panama Tax Authority may audit a company regarding Transfer Pricing by examining documentation related to transfer pricing, such as transfer pricing policies, related party transactions, and pricing structures. They will review whether the company is using mark-to-market pricing in its transactions and ensure that reported profits are at the expected level of revenue from operations. In addition, they could analyze the financials of the company and compare it with other similar companies in the same industry.

The Panama Tax Authority may also request additional documentation to support the company’s transfer pricing practices.

For more information, contact us at rhurtado@tpconsulting.com or by phone (507) 203-6771 | (507) 203-6770 | (507) 221-8664.

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