Taxes on income, profits and capital gains in Panama
Panama: Taxes on income, profits and capital gains was 29.1% in 2024. ▬ Flat
Taxes on income, profits and capital gains in Panama, 2014–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of revenue.
Analysis
The most recent figure for taxes on income, profits and capital gains in Panama is 29.1%, measured in 2024.
Compared with earlier readings it is down 19.1% on the previous year and down 2.5% over ten years.
Over the whole period, taxes on income, profits and capital gains in Panama peaked at 36.0% in 2023 and was at its lowest, 28.6%, in 2021.
That places Panama 51st out of 153 countries with data for 2024, putting it in the middle of the range.
Taxes on income, profits and capital gains in Panama, year by year
| Year | % of revenue | Change |
|---|---|---|
| 2014 | 29.9% | — |
| 2015 | 31.2% | +4.5% |
| 2016 | 34.2% | +9.5% |
| 2017 | 30.8% | -9.9% |
| 2018 | 32.8% | +6.4% |
| 2019 | 31.8% | -3.0% |
| 2020 | 30.9% | -2.8% |
| 2021 | 28.6% | -7.5% |
| 2022 | 32.9% | +15.1% |
| 2023 | 36.0% | +9.5% |
| 2024 | 29.1% | -19.1% |
Panama compared with similar countries
- Panama's 29.1% is above the median for high income countries, which is 24.5%, 1.2× the median. (55 countries reporting)
- Panama's 29.1% is above the median for Latin America & Caribbean, which is 25.4%, 1.1× the median. (24 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 31.8% | 29.9% | 34.2% | 6 |
| 2020s | 31.5% | 28.6% | 36.0% | 5 |
Countries ranked near Panama
More public sector data for Panama
- Arms imports 2.00 million SIPRI trend indicator values (1989)
- Arms imports (SIPRI trend indicator values), per capita 0.832 SIPRI trend indicator values per person (1989)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0003 SIPRI trend indicator values per US$ of GDP (1989)
- Arms imports (SIPRI trend indicator values), annual growth rate -91.3 % change on previous year (1989)
- Arms imports (SIPRI trend indicator values), gaps filled 2.00 million SIPRI trend indicator values (1989)
- Military expenditure (current USD), per capita 0 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate -100 % change on previous year (2000)
- Military expenditure (current USD), gaps filled 0 current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 26.9 SIPRI trend indicator values per square kilometre (1989)
Frequently asked questions
- What is taxes on income, profits and capital gains in Panama?
- Taxes on income, profits and capital gains in Panama was 29.1% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on income, profits and capital gains recorded in Panama?
- The highest recorded value was 36.0% in 2023.
- What is the lowest taxes on income, profits and capital gains recorded in Panama?
- The lowest recorded value was 28.6% in 2021.
- How does Panama rank for taxes on income, profits and capital gains?
- Panama ranks 51st out of 153 countries with data for 2024.
- Is taxes on income, profits and capital gains rising or falling in Panama?
- Over the last ten years it is down 2.5%. The long-run trend across the full record is flat.
- Where does this Panama data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Taxes on income, profits and capital gains (% of revenue). Statizoid updates them automatically from the source API.
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About this data
Taxes on income, profits, and capital gains are taxes payable on the actual or presumed incomes, profits and capital gains. This indicator is expressed as a percentage of revenue which includes all transactions that add to the amount of economic value of a unit or sector.