According to recent reports, Panama's Cabinet has authorized the Ministry of Finance to submit a draft bill in the National Assembly providing for an extension of the general tax amnesty and other relief. Measures include:

• An extension of the general tax amnesty with 85% relief from interest, surcharges, and fines (penalty relief) in respect of taxes due up to 31 December 2020 if paid in full by 31 July 2021;
• An extension of the installment payment facility for payment agreements entered into by 31 July 2021, provided that final payment is made by 31 December 2021;
• Prior installment payment agreements with final payment due by 30 April 2021 are extended to 31 December 2020; and
• 50% penalty relief for the late filing of certain forms, reports, and other submissions due by 31 December 2020, provided that the submissions are made by 31 July 2021 and the remaining 50% penalty is paid by 31 December 2021.

Additional details will be published once available.