Customs Duty Calculator

Panama – Customs and Import duty tax calculation method

Customs Duties or Import duty and taxes will be pending and need to be cleared while importing goods into Panama Either by a private individual or a commercial entity.

The valuation method is CIF.

  • The import duty and taxes payable are calculated on the complete shipping value, which includes the value of the imported goods, the cost of freight and the cost of insurance.
  • Imports are also subjected to sales tax and IST.

Below is the Duty and Sales tax for Panama :

Duty Rates Average Duty Rate Sales Tax(GST) or VAT Threshold on goods
Varying Range Varies St=7% to 15%
VAT = ST * (CIF + Duty)
No Duty and VAT for CIF value less than or equal to US$100

NOTE

  • Sales Tax and Other taxes are calculated on the sum of the CIF value, and applicable duty.
  • The duty rates are provided by the Panamanian Customs and Tariffs Office and Customs duties may only be assessed by authorised customs brokers.

Extra taxes and customs fees while importing

IST is applied to goods (e.g. jewellery, expensive automobiles, guns, tobacco, alcoholic beverages) and services (e.g. mobile, cable TV, satellite TV) that are considered as non-essential. And the rates vary between 0% and 25%. Please refer detailed information on other taxes of Panama here.