During the First International Tax Congress, organized by the Panamanian chapter of the International Fiscal Association (IFA), the possible repercussions for the country of the introduction of a 15% global minimum tax for multinationals were discussed.
National and international tax specialists pointed out that Panama has an opportunity to increase its tax collection. This tax, established for multinational groups with consolidated annual revenues exceeding 750 million euros or its equivalent in dollars, is part of the initiatives promoted by the Organization for Economic Cooperation and Development (OECD) within the framework of the BEPS Project (Base Erosion and Profit Shifting).
The congress brought together prominent panelists, including Natalia Quiñones, vice president of IFA Global; Álvaro Villegas, vice president of IFA's Latin American Regional Committee; and José Luis Galíndez, president of IFA's Panamanian chapter, who addressed the challenges and opportunities presented by this new tax regulation.
Villegas mentioned that, according to recent OECD figures, Panama could generate between US$209 million and US$256 million if the qualified minimum tax is implemented, considering the income of multinationals operating in the territory.
For his part, Quiñones stressed that the implementation of this tax represents an advance towards tax justice, but warned that its effectiveness depends on overcoming several technical and political barriers, especially in developing countries such as Panama. He highlighted the importance of introducing a Qualified Domestic Minimum Tax, which would assess the tax that remains to be applied to multinationals already present in the country, helping to secure revenues before other countries tax them.
Galindez also commented that the Panamanian tax authorities are still considering the adoption of this tax, due to the possible impact on the operations of multinationals and the attraction of foreign direct investment. He recalled that in the country there are several structures such as Multinational Company Headquarters (SEM) and free zones, which could be affected.
The case of Costa Rica was mentioned at the congress, where Adrián Torrealba, president of the Costa Rican Institute of Fiscal Studies (ICEF), discussed the possible implications of the tax on the country's free trade zones, fearing that it could discourage important investments.
In addition, the congress analyzed relevant topics such as the digital economy, the regulation of crypto-assets, the modernization of tax treaties and the search for a fairer global tax system. The event was attended by experts from IFA Global, the Panamanian chapter and other specialists from various countries in the region, as well as Panamanian tax officials.
Comments