Tax in Panama

Morgan & Morgan

Highlighted for its ‘technical knowledge, experience and reputation‘, Morgan & Morgan has a wide-ranging tax practice, advising on the tax aspects of M&A, joint ventures and projects, as well as on tax compliance and litigation before the courts and the Panamanian Tax Authority. It has particular strength in corporate tax, advising on both national and international tax planning, transfer pricing and special tax regimes available to multinationals operating in Panama. In addition, the team assists private clients with tax compliance and residency issues. Practice head Inocencio Galindo has extensive expertise in tax structuring and corporate tax compliance. Senior associate Amanda Barraza, who has ‘a lot of experience in Panamanian and international taxation‘, is also a key contact. Since publication, fellow senior Fanny Evans, who focuses on wealth planning and corporate services, has been raised to the partnership - effective January 2022.

Practice head(s):

Inocencio Galindo


‘Amanda Barraza has a lot of experience in Panamanian and international taxation. This allows for a fluid discussion of the problems and a more expeditious analysis of the solutions to the different questions that arise.’

‘The team stands out for its organisation and depth of knowledge, as well as its quick and correct responses to our queries.’

‘They are excellent lawyers, with great knowledge and experience, who are always available to help’

‘What sets the firm apart is its technical knowledge, experience and reputation.’

‘They provide an excellent service and demonstrate an extraordinary understanding of the country’s tax legislation.’

‘They provide an excellent and very personalised service to clients.’

Key clients

First Transit de Panama

Work highlights

  • Advising First Transit de Panama, which provides management services to Transporte Masivo de Panamá, the concessionaire of Panama’s Metrobus system, on its applications for Double Taxation Treaty benefits and tax rebates from the Tax Authority, as well as on general tax matters.


LOVILL is highly active in advising domestic and international companies on the tax aspects of corporate transactions, as well as on tax incentives for clients based in the state and private free zones and international taxation and compliance. The team counts banks and financial institutions among its clients, in addition to companies from the services, commerce, real estate and hospitality sectors. Practice head Elizabeth Heurtematte, who is based in Tokyo and Panama City, is experienced in advising on corporate tax structuring, as well as in assisting private clients with tax issues. Associate Ana Carolina Ureña focuses on advising investment companies and multinationals.

Practice head(s):

Elizabeth Heurtematte

Key clients

Ceva Logistics

Dekel Group


Grupo Terra

Pacifica Petroleum

Isthmian Investment

Sofistic/Soluciones CuatroOchenta

SGS Panama Control Services


Riba Smith

Ricardo Perez

Work highlights

  • Assisted Grupo Terra with a successful application to cancel the income tax obligations of a subsidiary.
  • Advised Equant Panama on its dissolution and the cessation of taxpayer obligations.
  • Advising Pacifica Petroleum on compliance with the new economic substance requirements applicable to companies established in the special economic area of Panama Pacifico.