Requirements for Paz y Salvo for Foreigners in Panama: Read us and get the information you are looking for

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The Requirements for Peace and Safe for Foreigners in PanamaIt is something that a Panamanians must do. Why it has to be done will be explained in this article, everything that has to do with Peace and Salvo. Keep reading to know more!

What is the General Directorate of Income of Panama or DGI?

The General Directorate of Income is the entity that there is Panama, is in charge of administering and collecting the taxes that are generated by economic activities that take place in this Central American country. This entity is linked to the Ministry of Economy and Finance.

So if a person who performs an economic activity, has to go to the General Directorate of Income, to do all the mandatory procedures related to taxes.

Apart from the tax, this institution collects part of the resources of the State, which has the purpose of financing some activities that have to be done in the country, such as fixing the streets, paying public officials and other things that it has

What are the functions of the DGI?

It is always good to know what the entities that collect the public resources that the country needs are dedicated to, which is not only in the administration of taxes in Panama. The functions it has General Directorate of Income (DGI):

  • Guarantee that it will be collected from State Resources.
  • Apply the regulations corresponding to taxes, only in the taxes that correspond to administer.
  • Make taxpayers comply with tax obligations.
  • Respect the rights of everyone involved in the activities they carry out.
  • Do your activities while preserving the values ​​of Integrity, Efficiency and Professionalism.

As has just been seen, it is only in charge of managing the economic resources of the country, therefore the General Directorate of Income (DGI) It is an institution of great importance, since to run a country you need money and above all to have an institution that gathers all that money.

What is Paz y Salvo?

It is a certificate that is processed by the General Directorate of Income (DGI) to regularize the immigration status that exists in the country of Panama. This document verifies whether the foreigner who enters this Central American country has no problem with the law, in addition to being one of the requirements to carry out the corresponding migration procedures.

So if you are a foreigner and currently reside in Panamanian territory, it is better to gather the Requirements for Peace and Safe for Foreigners in Panama and do the procedure to obtain this certificate, in order not to have any problems with the migration entities.

As this article is to explain one of the procedures that a foreigner has to do in Panama, it does not mean that Panamanians by birth are exempt from this procedure, only that for them it applies for other specific circumstances for them.

Who can request Paz y Salvo?

The people who have to do this type of procedure, they are mostly public accountants, which have to make income statements, which also have to be processed in the General Directorate of Income once they have spent 12 months receiving income. The declaration is something that has to be done annually.

Now you have to do the procedure to have this certificate, although it is something that any foreign person must also do for all the paperwork they have to do in migration matters.

What are the requirements to apply for Paz y Salvo in Panama?

Well, you are already aware of who has to process this certificate, you have to mention the Requirements for Peace and Safe for Foreigners in PanamaLike any document, this must also have certain requirements to be able to issue the documents. This is what is requested:

  • Photocopy of residence permit or passport.
  • Receipt of some public service, it can be the water or the light.
  • migratory status.
  • Be of age.
  • Have your tax return documents up to date.

Pure documents that any accountant can have on hand, for the simple reason that this certificate should be held by any taxpayer of this class.

How to apply for Paz y Salvo in Panama?

After knowing the Requirements for Peace and Safe for Foreigners in Panama, you can now proceed to the procedure as such, which consists of the following steps:

  1. Meet the requirements mentioned above.
  2. Go to the office of General Directorate of Income, which has to be the closest to the address where the taxpayer resides.
  3. Tell the person who attends you that he / she performs Paz y Salvo certificate.
  4. Deliver the requirements that were mentioned above.
  5. Read and sign all the documents they give you.
  6. Wait for the response when the certificate is ready.

What is the importance of requesting Paz y Salvo in Panama?

One of the main thing about why any accountant should do is important, because it is something the General Directorate of Income and now of an inspection or any supervision of this super intendancy.

In itself, it is something that any type of this taxpayer must have due to the requirements that this entity demands and thus this is avoided:

Fines

You have to pay a fine according to the declaration corresponding to that year, which has to be paid as soon as possible, since it tends to accumulate each year according to the declaration that the following year has to make.

On the other hand this Paz y Salvo certificate, it is something that has to be done every year. In addition, the declaration must be made when people residing in Panama must be at least 2 years living in the Panamanian country.

Declarations and report

Tax declarations have to be made by placing the name of the taxpayer, where he makes a declaration where he swears before the authorities and the government that his income and expenses come from the economic activity that he declared at the time of registering in the General Directorate of Income.

These statements are divided this way:

  • Taxes that are recognized as ISR, ITBMS, ISC, ITBI, Stamp, among other taxes.
  • Statements that are for monthly, quarterly, annual or fiscal periods, among others.
  • For what the taxpayer contains, which declares, pays and information on the process.
  • Economic activities carried out by the taxpayer, with normal returns, with normal activities and their corresponding closings.

All tax obligations have to be done, because they allow freedom to carry out economic activities respecting the laws. So meet the requirements for Peace and Safe for Foreigners in Panama and do the procedure.

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