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Panama
Physical Facts |
|
| Population: | 3,309,679 (July 2008 est.) |
| Location: | Central America, between Colombia and Costa Rica, bordering both the Caribbean Sea and the North Pacific Ocean. |
| Area: | 78,200 sq km |
| Climate: | Tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May) Average temperature throughout the year varies from 25 C and 30 C F. |
| Transport | Air, Road, Rail, Water |
| International Direct Dialling prefix: | 507 |
| Internet Country Code | .pa |
| Time difference on GMT: | - 5 |
Administrative Facts: |
|
| Status: | Constitutional democracy |
| Government: | Unicameral system. One president and two vice-presidents elected for 5 year terms. The National Assembly or Asamblea Nacional has 78 seats. Members are elected by popular vote. note - in 2009, the number of seats will change to 71 |
| Legal System: | Based on civil law system. Judicial review of legislative acts in the Supreme Court of Justice or Corte Suprema de Justicia (nine judges appointed for 10-year terms). Five superior courts; three courts of appeal |
| International Court Jurisdiction: | Accepts compulsory ICJ jurisdiction with reservations |
| Language: | Spanish. Many Panamanians bilingual Spanish and English |
| Education system: | Compulsory free education between ages of 7 to 15 or until the 6 grades of primary school completed. Private schools also exist mainly in Pananma city, offering education in Italian, English, French, Mandarin as well as some bilingual spanish english schools. Two main state universities and more than five private universities |
| UK Embassy: | Panama House, 40 Hertford Street, London W1J 7SH Tel: 020 7409 2255 Fax: 020 7493 4499 |
Fiscal Facts |
|
| Legal tender & currency: | Panamanian balboas (equivalent to US$) |
| VAT: | 5% (10% on imports) |
| Sales Tax: | |
| Import duty: | |
| Export duty: | |
| Banking: | International |
| Annual Government Revenue: | $6.09 billion |
| Annual Government Expenditure: | $6 billion (2008 est.) |
| GDP: | US $ 19740 million (world bank 2007) |
| Minimum wage: | Ranges from 1.01 to 1.87 Panamanian balboas |
| Financial Services Regulation: | Comisión Nacional de Valores |
| Financial Services Regulation Contact Details: | Tel: (507) 501 1700 Fax: (507) 501 1709 Email info@conaval.gob.pa |
Tax Facts |
|
| General: | Tax in Panama is only on income which is judged to have arisen in Panama. If you are living in Panama you can receive income from all other parts of the world and pay no tax on it in Panama |
| Corporate Tax: | Tax free on activities outside Panama. |
| Individual – resident: | Income tax is only payable on Panamiam income. The rate of income tax in Panama is 30% on chargeable income rising to 42%. Special incentives for retirees taking Panamain residence. |
| Individual – non-resident: | |
Featured Provider Title of Panama
Featured Provider Content of Jurisdiction 22
Featured Provider Content of Jurisdiction 22
Featured Provider Content of Jurisdiction 22
Featured Provider Content of Jurisdiction 22
