🇵🇦 ITBMS Panama - 7%
The standard ITBMS rate in Panama is 7%. There are also reduced rates of 10%, 15%, 0% for certain products and services.
Standard rate ITBMS
7%
Panama
Reference table - ITBMS 7%
| Amount | Tax (7%) | With tax |
|---|---|---|
| 100.00 | 7.00 | 107.00 |
| 500.00 | 35.00 | 535.00 |
| 1,000.00 | 70.00 | 1,070.00 |
| 5,000.00 | 350.00 | 5,350.00 |
| 10,000.00 | 700.00 | 10,700.00 |
| 50,000.00 | 3,500.00 | 53,500.00 |
Tax rates - Panama
Frequently asked questions
What is the ITBMS rate in Panama?
The standard ITBMS rate in Panama is 7%. There are also reduced rates of 10%, 15%, 0% for certain products and services.
How do I calculate ITBMS on a price?
To add ITBMS: multiply the price by 1.0700. To extract ITBMS from a tax-inclusive price: divide by 1.0700. Our calculator does this automatically.
What is the income tax in Panama?
The top income tax rate in Panama is 25%. This rate applies to the highest incomes; lower rates apply to lower brackets.
What is the corporate tax in Panama?
The corporate tax rate in Panama is 25%. This rate applies to profits of companies established in the country.