Panama: Income and profits taxes
* indicates monthly or quarterly data series
| Panama |
Income, profits, and capital gains taxes: percent of revenue |
|---|---|
| Latest value | 29.06 |
| Year | 2021 |
| Measure | percent |
| Data availability | 2014 - 2021 |
| Average | 31.32 |
| Min - Max | 29.06 - 34.20 |
| Source | The World Bank |
The latest value from 2021 is 29.06 percent, a decline from 30.84 percent in 2020. In comparison, the world average is 28.52 percent, based on data from 117 countries. Historically, the average for Panama from 2014 to 2021 is 31.32 percent. The minimum value, 29.06 percent, was reached in 2021 while the maximum of 34.2 percent was recorded in 2016.
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* indicates monthly or quarterly data series
Recent data
Definition: Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation.
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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 | 56.44 | 2023 | 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 |