Panama Clarifies Overseas Subsidiary Data-Sharing Laws

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The government in Panama has issued an official announcement clearing up doubts about Law. 52 issued in October 2016. The legislation was introduced to require all Panama companies with overseas subsidiaries to maintain bookkeeping records.

The clarification was broadcast to give legal entities more guidance regarding those acting solely as asset holders and how to follow administrative requests and how to record the estimation of said assets and the related income received.