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Panama - Training, Tax Deductible

Contributed by Gerli Wren & Co.
14 September, 2012

Panama urgently requires private enterprise to invest in training their employees and the company can to make the deduction in their respective income tax year to expenses for employee training. 

This will be the only way in a short period can be trained to more than 25 000 people so they can enter the labor market and further encourage traders, industrialists, professionals, banks and all private business to do the same with ceilings on the deduction, depending on annual income, the more the company earns the deductibility cap will be higher. 

This deduction will be made on the contributions that people or companies do by way of Income Tax (ISR). 

The measure will apply when training courses, seminars employees of the taxpayer, is a legal person. 

To access the benefits of the deduction for employee training will be required payments are made through electronic payments or checks nominative, ie payments not be made by check "bearer" or cash. 

Later, like other personal deductions of income tax, the taxpayer may deduct on your return for payments of training. Remember that annual statements concern the previous fiscal year, ie, the statement presented in 2012 is for the expenditure and revenue in 2011. This initiative could be for a period of time say five (8) years to see the development of it. 


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