PANAMA Law and Practice Contributed by: Rafael Rivera, Javier José Vallarino, Juan Vallarino, Karen Y. Tejeira and Carolina Lino, BDO Legal Panama
9. Looking Forward 9.1 Upcoming Legal Reforms
cases where the data controller is domiciled in Pana - manian territory. However, it is important to note that the protection of personal data is also enshrined at the constitutional level, through the recognition of the right of access to information, the inviolability of correspondence, and the constitutional remedy of habeas data. Failure to comply with personal data protection provi - sions may result in administrative fines ranging from USD1,000 to USD10,000. 8.3 Role and Authority of the Data Protection Agency In Panama, the competent authority responsible for overseeing compliance with data protection regula - tions is the National Authority for Transparency and Access to Information ( Autoridad Nacional de Trans- parencia y Acceso a la Información – ANTAI), acting through its Directorate for the Protection of Personal Data. This entity plays a fundamental role in monitoring adherence to data protection laws and holds admin - istrative sanctioning powers to enforce compliance.
By means of Law No 508, dated 12 February 2026, the approval of the agreement between the government of the Republic of Panama and the government of the Republic of Ecuador for the exchange of information on tax matters (hereinafter, “Law No 508 of 2026”) was enacted. Among the information contained in Law No 508 of 2026 that the authors consider to be of relevance, the following may be noted. • All information that is foreseeably relevant for the determination, assessment, and collection of taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax-related matters. • The applicable taxes in accordance with each juris - diction are as follows: (a) Republic of Panama: all national taxes. Not - withstanding the foregoing, this shall not apply to taxes imposed by municipalities or other political subdivisions. (b) Republic of Ecuador: Income Tax and other taxes whose collection is the responsibility of the Central Government. • This Agreement shall have effect with respect to tax matters for all fiscal periods commencing on or after 1 January of the calendar year immediately following its entry into force. Notwithstanding the foregoing, the contracting states may request infor - mation relating to the six fiscal years preceding the date of entry into force of the Agreement.
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