Tag Archives: Panama

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Establishment of rules for the use of electronic media outlets in government procedures

Given the current scenario in our country, it is necessary to reinforce our system to encourage the use of electronic means in government procedures, whereby the National Government has enacted Law No.144 on 15th April, 2020 that modifies and includes articles of our Law No.83 of 2012.

This mandatory regulation will be applied gradually and progressively in accordance with the schedule of the National Authority for Government Innovation (AIG). To this end, the AIG will collaborate with the different public entities, to gradually establish a standardized document management system. for the public sector. Read more…

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United Nations elects Panama as the regional hub for humanitarian aid against COVID-19

The United Nations Organization (UN) selected Panama as the region’s collection and distribution center as part of the strategy to face the coronavirus pandemic (COVID-19), a task that will be coordinated by the World Organization of the Health (WHO).

This is part of the organization’s strategy to supply medical products to send to the countries that are most in need. In Latin America, the collection center will be located in Panama, while in Europe it will be in Belgium, in addition to other centers in China, Ethiopia, Ghana, South Africa, Malaysia and the United Arab Emirates. Read more…

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20 new multinational companies established their regional headquarters in Panama in 2017

The Minister of Commerce and Industries, Augusto Arosemena Moreno, announced that the establishment of headquarters of multinational companies (SEM – as per its Spanish acronym) continued with extremely good results, closing 2017 with 20 new multinational companies with regional headquarters in Panama, for a total of 146 companies adding an investment of US$1,000 million dollars and 6,000 jobs.

Arosemena highlighted that the United States continues to be the country with the largest number of companies with regional headquarters in Panama, among which he mentioned large companies such as Boeing, McKinsey & Company Inc. and VISA – that were registered this past year.  High profile companies were also registered, such as Panalpina World Transport, Hankook Tire Co., and Shanghai Gorgeous Investment Development Co., among others.

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China’s technical trade commission will visit Panama in March to address FTA

A technical delegation from China will visit Panama to meet with representatives of the Government to examine the commercial markets of both countries, with the purpose of entering into a feasibility arrangement, prior to the negotiations of a Free Trade Agreement (FTA).

Deputy Minister of Foreign Trade, Néstor González, commented during a press conference. that a few weeks ago a similar meeting was held in Beijing with the Chinese Ministry of Commerce to advance the feasibility study.

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Foreign Direct Investment increases in Panama

The first quarter of 2017 showed a notable increase in foreign investment, totaling $1,315.4 million, representing 10.7% more than the $1,188.7 million recorded during the same period in 2016, all of them according to data revealed by the General Comptroller of the Republic of Panama, which are based on preliminary figures of the National Institute of Statistics and Census.

According o the  National Institute of Statistics and Census’ statistics, in the first three months of 2017, general licensed banks registered foreign direct investment in the amount of $160 million 900 thousand dollars, 3.7 percent more than the %155 million 200 thousand dollars in the first quarter of 2016.

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Equal employment opportunity rights of disabled persons

As a constant reminder to our staff and also as information available to clients with actual or intended activities within the territory of the Republic of Panama, we refer to the most important aspects of the latest reforms in our legislation concerning equal opportunities and considerations for disabled persons.  The reforms and new provisions enacted under Law 15 of the 31st of May, 2016 should always be kept in mind and under strict compliance.

 

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Aspects of the proceedings for the annulment and replacement of shares under Panamanian legislation

The purpose of the judicial procedure related to the annulment and replacement of shares contemplated in the Panamanian legislation is to request, before the corresponding authorities, the annulment and replacement of shares (registered or to the bearer) due to loss, destruction or theft, in which the owner must prove or justify his property right as well as the reason for making such request.

Article 961 of the Panamanian Commercial Code stipulates the following:

Article 961. Letters of exchange, shares, stocks, and obligations and other commercial titles may be annulled in court upon the request of the owner thereof proving his rights and the facts motivating such a request”.

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Panama: DGI Presents the new computer tax system e-TAX 2.0

The new computer tax system e-Tax 2.0 will come into operation next Monday, July 25th , and will allow taxpayers of the country to make tax formalities and keep track of their efforts or payments in concept of tributes made to the General Directorate of Revenues (DGI), through 23 process flows.

All of the transactions that are currently being performed by the e-Tax system may now be performed through the e-Tax 2.0, such as the registration of ‘RUC’ or contributor’s unique register, the presentation of Income Statements and requests of Certificates of Good Standing.

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Game Changer! Inauguration of expanded Panama Canal ushers in New Era of global trade

On Sunday, June 26th, 2016; the inaugural transit of the Panama Canal Expansion began with the transit of Neopanamax vessel COSCO Shipping Panama through the new Atlantic-facing Agua Clara Locks.

Originally named Andronikos, the vessel was renamed to honor and pay respect to the country of Panama and the Canal.

The Expansion Program is the Canal’s largest enhancement project. It included the construction of a new set of locks on the Atlantic and Pacific side of the waterway and the excavation of more than 150 million cubic meters of material, creating a second lane of traffic and doubling the cargo capacity of the waterway. While the Expanded locks are 70 feet wider and 18 feet deeper than those in the original Canal, they use less water due to water-savings basins that recycle 60 percent of the water used per transit.

 

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Intestancy in Panamanian Law: Procedure before the Courts of Justice

Any person who at the time of his/her demise leaves certain rights and obligations that are part of their patrimony and are susceptible to be transferred, by a will or without a will. Article 628 of the Civil Code patrio defines inheritance as a transfers the assets and liability rights that conforms the inheritance of a deceased person to the surviving person, to whom the Law or the testator summons to receive it. The heir will be considered the person who succeeds as universal heir and legatee the person who inherits a specific asset.

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