The Sales Tax Rate in Panama stands at 7 percent.

Sales Tax Rate in Panama averaged 6.38 percent from 2006 until 2018, reaching an all time high of 7 percent in 2010 and a record low of 5 percent in 2007. This page provides - Panama Sales Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Panama Sales Tax Rate - VAT - values, historical data and charts - was last updated on October of 2020.

Sales Tax Rate in Panama is expected to reach 7.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Panama Sales Tax Rate - VAT is projected to trend around 7.00 percent in 2021, according to our econometric models.

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Panama Sales Tax Rate - VAT

Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.00 7.00 5.00 2006 - 2020 percent Yearly

Panama Taxes Last Previous Highest Lowest Unit
Corporate Tax Rate 25.00 25.00 37.00 25.00 percent [+]
Personal Income Tax Rate 25.00 25.00 33.00 25.00 percent [+]
Sales Tax Rate 7.00 7.00 7.00 5.00 percent [+]
Social Security Rate 22.25 22.25 23.75 20.75 percent [+]
Social Security Rate For Companies 12.50 12.50 14.50 12.25 percent [+]
Social Security Rate For Employees 9.75 9.75 10.25 8.50 percent [+]

Panama Sales Tax Rate - VAT
In Panama, the sales tax rate is a tax charged to consumers based on the purchase price of certain goods and services. The benchmark we use for the sales tax rate refers to the highest rate. Revenues from the Sales Tax Rate are an important source of income for the government of Panama.