In our previous Panama Companies announcement from December 2021, we informed you about the adjustments to the legislation on international tax transparency and the prevention of money laundering, financing of terrorism and the proliferation of weapons of mass destruction made by the Executive Branch of the Republic of Panama.
The Law 254 of November 11th, 2021, introduced additional requirements regarding the accounting records that legal entities must keep. Therefore, if you would like to revisit the previous announcement, you can do so at the following link:
In this regard, apart from the Accounting Records and the Supporting Documentation to be provided to the registered agent, it is required to provide a resolution to confirm the location and the name of the custodian keeping the original accounting records annually. Here we enclose the sample resolution for your perusal:
Should you require any clarification on this new requirement, please do not hesitate on contacting us, and we will gladly assist you.
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