Taxes on income, profits and capital gains (% of revenue) in Panama
Panama: Taxes on income, profits and capital gains (% of revenue) 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 52nd out of 153 countries with data for 2024, putting it in the middle of the range.
Taxes on income, profits and capital gains (% of revenue) 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
- Democracy, annual growth rate 0 % change on previous year (2025)
- Chief executive of the government is elected, annual growth rate 0 % change on previous year (2025)
- Elected parliament, annual growth rate 0 % change on previous year (2025)
- Men's universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote in practice, annual growth rate 0 % change on previous year (2025)
- 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)
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 52nd 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.