Reporting framework, corporate tax and individual tax treatment for digital assets in Panama, from CryptaCount's jurisdiction database covering 72 countries.
Panama: tax & reporting data
General Information
Default Framework
IFRS
Permitted Frameworks
IFRS
IFRS Mandatory For
IFRS mandatory for most entities
Tax Year
Calendar Year (end M12)
Functional Currency
USD
FX Source (Reporting)
MARKET
FX Source (Tax)
DGI
Transaction Rate
Daily Spot
Hyperinflationary
✗ No
Reporting — IFRS
Framework Available
✓ Yes
Crypto Classification
Intangible Asset, Inventory
Classification Notes
IAS 38 intangible (most common); IAS 2 inventory if held for sale in ordinary course. No dedicated IFRS crypto standard.
Measurement Basis
Historical Cost
Fair Value (Revaluation)
Permitted Cost Methods
FIFO, WAVG, Specific ID
Prohibited Cost Methods
LIFO
Impairment Required
✓ Yes
Impairment Type
IAS 36
Reversal Allowed
✓ Yes
NRV Write-down
✗ Not required
Fair Value Hierarchy
Level 1
Recent Standards
No dedicated IFRS crypto standard. IFRIC agenda decision (2019) confirmed IAS 38/IAS 2. IASB crypto project in pipeline, no ED yet.
Corporate Tax — Rate & Classification
Corporate Tax Rate
25%
Crypto Classification
Ordinary Income
Notes
Territorial taxation. Only Panama-source income taxable.
Corporate Tax — Cost Basis
Measurement Basis
Historical Cost
Default Cost Method
FIFO
Permitted Methods
FIFO, WAVG
Taxpayer Can Elect
✓ Yes
Country Override
TERRITORIAL
Override Notes
Panama taxes only domestic-source income. Foreign-source crypto income exempt.
LIFO Conformity Req.
✗ No
Differs from Reporting
✗ No
Corporate Tax — Anti-Avoidance
Wash Sale
✗ Off
Window (before/after)
—
Same-Day Rule
✗ No
Loss Restriction
Unrestricted
Loss Carryforward
Unlimited
Corporate Tax — Holding Period
Holding Period Benefit
✗ No
Period
—
Benefit Type
—
Corporate Tax — Crypto Event Treatment
Staking Rewards
FMV at Receipt
Gas Fee Treatment
Add to Cost
Gas = Disposal of Native
✓ Yes
Crypto↔Crypto Taxable
✓ Yes
DeFi Wrapping
Unclear
Fork Cost Basis
Zero
Individual Tax — Regime
Tax Regime
Exempt
Regime Notes
Territorial system: only Panama-source income taxable. Foreign-source crypto gains exempt.
Tax Rate
0% (exempt)
Rate Notes
0% on foreign-source gains. Panama-source: progressive up to 25%.
Individual Tax — Cost Basis
Measurement Basis
Historical Cost
Cost Method
FIFO
Method Electable
✓ Yes
Permitted Methods
FIFO, WAVG
Country Override
TERRITORIAL
Individual Tax — Exemptions
CGT Exempt
✓ Yes
Exempt Conditions
Territorial system. Foreign-source gains exempt.
Holding Period
—
HP Benefit
—
Annual Exemption
—
Threshold Exemption
—
Individual Tax — Anti-Avoidance
Wash Sale
✗ Off
Same-Day Rule
✗ No
Superficial Loss
✗ No
Loss Restriction
Unrestricted
Loss Carryforward
Unlimited
B2C vs B2B Differences
Differs from B2B
✗ No
Notes
—
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