Customs Duties or Import dutyA tax charged on certain goods which are brought into a coun... 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 dutyA tax charged on certain goods which are brought into a coun... 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 taxKnown as VAT (Value Added Tax) in the UK. A tax based on the... and IST.
Below is the Duty and Sales taxKnown as VAT (Value Added Tax) in the UK. A tax based on the... 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 TaxKnown as VAT (Value Added Tax) in the UK. A tax based on the... 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.