close

Newsroom

MGI Montufar & Asociados advise on new accounting requirement for Clients with Panamanian corporations

15th November 2016

MGI World MGI worldwide accounting network member Montufar & asociados logo

An important new accounting requirement has been enacted in Panama, which MGI Montufar & Asociados consider to be of interest to all MGI Worldwide members whose Client deal with Panamanian corporations.

Law No. 52 of October 27th, 2016 published in the government’s official gazette No. 28149-B establishes the obligation to maintain accounting records for all offshore Panamanian legal entities and makes various provisions on related issues. 

This new law will take effect from January 1, 2017 and obligates offshore legal entities, i.e. corporations, LLC, private interest foundations or similar structures, to keep accounting records and supporting documentation at the offices of their resident agent within Panama or otherwise at any other place inside or outside Panama as determined by its directors. 

MGI Montufar & Asociados have prepared a short paper with information about this new accounting requirement to help MGI members and their Clients with Panamanian corporations.

DOWNLOAD PAPER HERE (PDF)

About MGI Montufar & Asociados, Panama

Established in 1967, the firm has nearly 50 years experience in providing a range of accounting, financial and consulting services to small and medium enterprises operating across various industries. They have been members of international accountancy network, MGI Worldwide in the Latin America Area for 10 years and are considered among the best accounting and tax consultancy firms in Panama.

Eduardo -Montufar -200x 300 BWEduardo Montufar Roja at the firm is happy to assist in any further information needed to comply with this new law. You can contact Eduardo on email at montufar@montufarcpa.com or on telephone +507 269 4945. 

Visit their MGI Worldwide member profile page HERE

Read more on Member white papers

MGI World Global IFRS white paper Sep 2020 518x362.jpg

MGI Worldwide with CPAAI's Global IFRS Specialist Group gives a brief overview on Covid 19, Lease Accounting and Rent Concessions

7th September 2020

In May 2020, the International Accounting Standards Board (IASB) issued Covid-19-Related Rent...

MGI World Crop of Global VAT group white paper cover

MGI Worldwide with CPAAI's Global VAT Specialist Group reports on the Reduction of German VAT from 1 July 2020

25th June 2020

The reduction of the German value added tax (sales tax) from 19% to 16% and from 7% to 5% sounds...