What is Formulario 430 (ITBMS Return)?
Formulario 430 is the monthly ITBMS return filed through the DGI's e-Tax 2.0 portal. It is due on the 15th of the month following the reporting period.
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Current Rate (Monthly)
Flat B/.10.00 fine for late filing, with no grace period
Example
The ITBMS return for March is due on 15 April. Filing on 16 April triggers the B/.10.00 fine immediately.
How Formulario 430 (ITBMS Return) works in Panama
Each reporting period can be corrected only once, so the first submission needs to be right. That makes reconciling sales and purchase ITBMS before filing more important than in countries that allow repeated amendments.
There is no grace period. The flat B/.10.00 fine applies as soon as the deadline passes. The balboa is pegged 1:1 to the US dollar, so the fine is the same amount in dollars.
Finn prepares the figures for each month. You file through e-Tax 2.0. Finn does not file with the DGI on your behalf.
Related terms
ITBMS (Impuesto de Transferencia de Bienes Muebles y Prestación de Servicios) is Panama's VAT-equivalent. The standard rate is 7%, with 10% and 15% applying narrowly to specific items such as alcohol and tobacco.
The RUC is Panama's primary tax identifier for both individuals and companies, issued by the DGI. It appears on invoices and on ITBMS and income tax filings.
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