Taxes on income, profits and capital gains in Panama
Panama: Taxes on income, profits and capital gains was 43.7% in 2024. ▲ Rising
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 total taxes.
Analysis
In 2024, taxes on income, profits and capital gains in Panama stood at 43.7%.
The figure is down 15.5% on the previous year and up 9.3% over ten years.
Over the whole period, taxes on income, profits and capital gains in Panama peaked at 51.8% in 2023 and was at its lowest, 40.0%, in 2014.
That places Panama 53rd out of 153 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 11 years of available data.
Taxes on income, profits and capital gains in Panama, year by year
| Year | % of total taxes | Change |
|---|---|---|
| 2014 | 40.0% | — |
| 2015 | 41.4% | +3.5% |
| 2016 | 43.6% | +5.5% |
| 2017 | 43.3% | -0.8% |
| 2018 | 45.7% | +5.5% |
| 2019 | 42.9% | -6.1% |
| 2020 | 43.3% | +0.9% |
| 2021 | 41.5% | -4.2% |
| 2022 | 46.0% | +11.0% |
| 2023 | 51.8% | +12.5% |
| 2024 | 43.7% | -15.5% |
Panama compared with similar countries
- Panama's 43.7% is below the median for high income countries, which is 43.9%, 100% of the median. (55 countries reporting)
- Panama's 43.7% is above the median for Latin America & Caribbean, which is 36.0%, 1.2× the median. (24 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 42.8% | 40.0% | 45.7% | 6 |
| 2020s | 45.2% | 41.5% | 51.8% | 5 |
Countries ranked near Panama
More public sector data for Panama
- Democracy, 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)
- Elected parliament, 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)
- Democracy 7 (2025)
- Chief executive of the government is elected 1 (2025)
- Elected parliament 1 (2025)
- Men's universal right to vote 1 (2025)
Frequently asked questions
- What is taxes on income, profits and capital gains in Panama?
- Taxes on income, profits and capital gains in Panama was 43.7% 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 51.8% in 2023.
- What is the lowest taxes on income, profits and capital gains recorded in Panama?
- The lowest recorded value was 40.0% in 2014.
- How does Panama rank for taxes on income, profits and capital gains?
- Panama ranks 53rd 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 up 9.3%. The long-run trend across the full record is rising.
- 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 total taxes). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 11 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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 total taxes which includes all compulsory, unrequited payments, in cash or in kind, made by institutional units to government units.