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Income Tax

Panama Personal Income Tax

Personal income tax in Panama is taxes at a much lower level than corporate income tax at least if disregarding the deductions made from the salary. The first 11000 dollars are exempt from any additional tax. After 11000 dollars the salary is taxes at 15 % up to 50000 dollars after which a 25 % tax is applied. People in Panama do not generally file an income tax return as the employer is expected to make a correction at the end of the year.

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