Panama: Commercial tax rate
* indicates monthly or quarterly data series
Panama |
Tax rate, percent of commercial profits |
---|---|
Latest value | 37.20 |
Year | 2019 |
Measure | percent |
Data availability | 2005 - 2019 |
Average | 40.56 |
Min - Max | 37.00 - 44.70 |
Source | The World Bank (doing business survey) |
The latest value from 2019 is 37.2 percent, unchanged from 37.2 percent in 2018. In comparison, the world average is 40.53 percent, based on data from 184 countries. Historically, the average for Panama from 2005 to 2019 is 40.56 percent. The minimum value, 37 percent, was reached in 2013 while the maximum of 44.7 percent was recorded in 2007.
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Definition: Total tax rate measures the amount of taxes and mandatory contributions payable by businesses after accounting for allowable deductions and exemptions as a share of commercial profits. Taxes withheld (such as personal income tax) or collected and remitted to tax authorities (such as value added taxes, sales taxes or goods and service taxes) are excluded.
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Government spending, percent of GDP | 12.76 | 2022 | percent |
Government spending, in dollars | 9.76 | 2022 | billion U.S. dollars |
Fiscal balance, percent of GDP | -2.95 | 2023 | percent |
Government debt | 57.86 | 2022 | percent |
Government expenditure | 2.40 | Q1/2024 | billion |
Tax revenue | 7.46 | 2021 | percent |
Commercial tax rate | 37.20 | 2019 | percent |
Tax preparation time | 408 | 2019 | hours |
Number of taxes | 36 | 2019 | taxes |
Taxes on goods and services | 33.26 | 2021 | percent |
Taxes on international trade | 3.79 | 2021 | percent |
Income and profits taxes | 29.06 | 2021 | percent |
Foreign aid | 130.17 | 2022 | million U.S. dollars |