As a consequence of the COVID-19 Pandemic and with the aim of providing an efficient procedure to apply the impuesto a las transferencias de bienes corporales muebles y la prestacion de servicios (ITBMS) credit (ITBMS is the Panamanian VAT), the Panamanian tax authorities have clarified some criteria necessary for the ITBMS credit to be available to taxpayers.
Source: BDO
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