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Article By: WilliamNederost
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Asset Protection through Offshore Banking in Panama
It is one thing to want to protect your assets from other people or business competitors, but to hide your assets to avoid paying any taxes is another and is not recommended. Depending on what your home country is, the tax laws may vary. There are strategic ways to do your tax planning and it is suggested that you consult a local tax lawyer to learn about the ins and outs of taxation in your country.The following are some pointers about taxation in Panama.
With a bearer share corporation regular income of the corportation is not taxable if it has been generated outside of Panama. There is an annual government fee. The annual fee for corporations is $300. The banks charge service charges but that is not tax related. There are some tax charges to remember though. If there has been a sale of corporate shares, a capital gains tax is the owed.
This is because the shares exist in Panama and the gain has then occured in Panama. This is written in Section 701(e) of the Panama tax code; "profits derived from the sale of corporate shares and personal property are taxable income...the taxpayer will be subject to Capital Gains tax at a fixed rate of 10%".
There are some tax charges to remember though. If there has been a sale of corporate shares, a capital gains tax is the owed. This is because the shares exist in Panama and the gain has then occured in Panama. This is written in Section 701(e) of the Panama tax code; "profits derived from the sale of Corporate shares and personal property are taxable income...the taxpayer will be subject to Capital Gains tax at a fixed rate of 10%".
There are strategic ways to do your tax planning and it is suggested that you consult a local tax lawyer to learn about the ins and outs of taxation in your country. It is one thing to want to protect your assets from other people or business competitors, but to hide your assets to avoid paying any taxes is another and is not recommended. Depending on what your home country is, the tax laws may vary. Make sure you are informed.
Article Source: ArticleZones.com
About the Author
Bill writes extensively about asset protection in Panama through foundations and corporations at the OffshoreLegal website. Don't reprint this exact article. Instead, reprint a free unique content version of this same article.
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