PANAMA: ACCOUNTING RECORDS AND SUPPORTING DOCUMENTATION
- VISS
- Feb 29, 2024
- 2 min read
Repost from 29 February 2024: https://www.viss.com.hk/so/acOtkVnvD?languageTag=en
As previously notified, accounting records requirements for the fiscal year that ended on 31st December of the previous year of the entities who are under the Panamanian jurisdiction must be provided within the first four (4) months of the following year; after that, accounting records should be provided to us by 30th April of each year. In other words, the accounting records as of 31st December 2021 should have been delivered to us by April 30, 2022, and at the expiration of the subsequent fiscal years.
To comply with the legal requirements of the Panamanian jurisdiction, legal entities for which we act as Panamanian resident agents should provide us, annually, with the following:
Copy of the accounting records for the fiscal year ended on December 31 of the previous year.
Address of the physical place where the original accounting records and supporting documentation of the legal entity are kept, as well as the name and contact information of its custodian, unless the original accounting records are kept at the offices of the resident agent in the Republic of Panama.
This information should be provided to us by filling out, signing, and returning to us the accounting records form that you will find in the following link:
Filing of the Declaration to the Competent Authority:
According to Law 254 of November 11, 2021, it is established the deadline for the submission of the accounting records by the legal entity to the Resident Agent, as well as a deadline for the Resident Agent to submit to the Competent Authority the Declaration detailing the entities that have complied, as well as those that have not complied with the submission of the accounting records 2021 and 2022.
According to Resolution No. 201-10858 of December 23, 2023, the Authorities granted an extension for the submission of the Declaration by the Resident Agent to the Competent Authority by March 30th, 2024.
Given the above, we extend a reminder to all entities who have pending to provide us with the Accounting Records 2021 and 2022, as previously established. This information must be delivered to us no later than February 29, 2024.
If any of your legal entities with us still needs to comply with these requirements, please ensure they do so as soon as possible to avoid possible sanctions.
If a legal entity fails to comply with the requirements, its resident agent should report such fact to the authorities, and such non-compliance could result in (i) a fine to the legal entity, which may range from US$5,000.00 to US$1,000,000.00; (ii) the suspension of the corporate rights of the legal entity; and (iii) the inability to register any document in the Public Registry and to obtain certificates issued by such Registry.
In addition, the Resident Agent may resign as such concerning a legal entity that does not comply.
Should you have any questions, please do not hesitate to contact us at Contact@viss.com.hk.
Bình luận