Can I Claim Accountant, Legal and Professional Fees as a Business Expense in Panama?
Yes, fees for a contador público autorizado, lawyer or other adviser are generally business costs when they relate to the company's trading.
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What Dirección General de Ingresos (DGI), Ministry of Economy and Finance (MEF) says
Professional fees incurred for the business are generally deductible against taxable income. Finn's Panama rules do not hold a deductibility schedule for this item, so confirm the treatment with a Panamanian contador público autorizado (CPA) before relying on it.
When you can claim
- Fees of a contador público autorizado for bookkeeping and tax filings
- Legal fees for contracts and company changes
- Registro Público fees for changes to the company
- Advice on municipal tax, which Finn does not handle
When you cannot claim
- Fees for personal matters of the owners
- Fees that relate only to foreign-source income, where the exemption applies
- Penalties or fines charged by an authority
- Fees with no invoice
Good to know
Pro tip: Keep invoices issued to the company, with the company RUC on them, so the cost is supported if the DGI asks.
Related expenses
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