# Lcda. Ana Torres, CPA — Certified Public Accountant

> Licensed CPA with 10 years of experience helping SMEs and foreigners stay compliant with DGI and CSS.

## Key facts
- Profession: Certified Public Accountant
- Specialties: Income tax returns, ITBMS (VAT), Corporate bookkeeping, CSS payroll
- Location: Torres Contadores (ejemplo), Blvd. Costa del Este, Edificio de ejemplo, Piso 5, Costa del Este, Ciudad de Panamá, Panamá
- Hours: Mon–Fri 8:30–17:30
- Fees: Monthly bookkeeping: from $150 · Income tax return: from $200
- Languages: es, en
- WhatsApp booking 24/7: https://wa.me/50760000003?text=Hi%2C%20I'd%20like%20to%20book%20an%20appointment%20with%20Lcda.%20Ana%20Torres%2C%20CPA%20(ref%3Alcda-ana-torres-cpa)
- Page: https://siporpro.com/lcda-ana-torres-cpa?lang=en

## Frequently asked questions
### How much do monthly bookkeeping and income tax return preparation cost in Panama City?
At Torres Contadores, the office of Lcda. Ana Torres, CPA in Costa del Este, monthly bookkeeping starts from $150 and annual income tax return preparation starts from $200. Final fees depend on monthly transaction volume, the number of employees on payroll, and the taxpayer's specific filing obligations. During an initial review, your DGI and CSS requirements are assessed to provide a clear service proposal.

### How does Panama's territorial tax system work for individuals and corporations?
Panama operates under a territorial tax principle, meaning income tax is generally levied only on income generated from business activities or sources located within Panamanian territory. Income earned exclusively from operations conducted outside the country is typically classified as foreign-source and exempt from local income tax. In Costa del Este, Lcda. Ana Torres, CPA reviews the source of each client's revenue to ensure proper classification before the DGI.

### What are the deadlines for filing the annual income tax return (Declaración de Renta) with the DGI?
In Panama, the standard deadline for filing the annual sworn income tax return is March 15 for individuals and March 31 for legal entities and corporations. Prior to the original due date, taxpayers may request a one-month filing extension through the e-Tax 2.0 portal. From her office in Costa del Este, Lcda. Ana Torres, CPA prepares year-end tax closings well in advance to help clients avoid late-filing penalties.

### When is a business or independent professional required to register for and charge ITBMS (7% VAT) in Panama?
Any individual or corporation selling goods or providing taxable services in Panama must register as an ITBMS taxpayer once gross annual income exceeds $36,000 or average monthly revenue exceeds $3,000. The standard tax rate is 7%, while higher rates of 10% and 15% apply to specific sectors such as lodging, alcohol, and tobacco. Lcda. Ana Torres, CPA advises SMEs and professionals in Costa del Este on when to update their RUC registration for ITBMS compliance.

### How often are ITBMS tax returns filed and paid through the e-Tax 2.0 system?
Commercial businesses and corporate ITBMS taxpayers must file and pay their monthly return no later than the 15th day of the following month. Independent professionals practicing liberal professions generally file their ITBMS declarations quarterly within 15 days after the end of each quarter. In Costa del Este, Lcda. Ana Torres, CPA reconciles monthly sales and deductible purchases so returns are submitted accurately and on time.

### How does CSS payroll registration and monthly reporting work through the SIPE system?
Every employer hiring staff under an employment relationship in Panama must register with the Caja de Seguro Social (CSS) and report wages monthly via the SIPE online platform. The monthly filing covers employee and employer social security contributions, educational insurance, professional risk insurance, and employee income tax withholdings where applicable. Lcda. Ana Torres, CPA manages payroll calculations and SIPE submissions for local SMEs from her office in Costa del Este.

### What are the contribution rates for CSS Social Security and Educational Insurance for employers and employees?
Under Panama's regular payroll rules, employees have 9.75% withheld from their wages for CSS Social Security and 1.25% for Educational Insurance (Seguro Educativo). Employers contribute an additional 12.25% for CSS, 1.50% for Educational Insurance, and a Professional Risk rate that varies according to the company's industry classification. At her Costa del Este practice, Lcda. Ana Torres, CPA verifies that all salary items are calculated in accordance with the Labor Code and CSS regulations.

### How is the Thirteenth Month bonus (Décimo Tercer Mes) calculated and when is it paid in Panama?
The Thirteenth Month is a mandatory statutory bonus equal to one month's salary per year worked, paid in three equal installments on April 15, August 15, and December 15. It is calculated from the average ordinary wages, overtime, and commissions earned during the four months preceding each payment date, subject to a special CSS rate of 7.25% for the employee and 10.75% for the employer. Lcda. Ana Torres, CPA helps businesses in Costa del Este account for and accrue this payroll obligation properly.

### What is a Notice of Operation (Aviso de Operación) and what tax obligations does it create?
A Notice of Operation is the commercial business license obtained through the Panama Emprende portal to conduct commercial or industrial activities within Panama. Holding an active Notice of Operation requires registering with the local Municipality to pay monthly municipal taxes and paying an annual Notice of Operation tax on the income tax return equal to 2% of the company's net worth. In Costa del Este, Lcda. Ana Torres, CPA advises entrepreneurs before they activate this license so they avoid unnecessary tax liabilities.

### What are the Electronic Invoicing (Facturación Electrónica) requirements for businesses and professionals in Panama?
The General Directorate of Revenue requires most taxpayers to use Panama's Electronic Invoicing System (SFEP), either through the free DGI invoicing tool—if eligible based on volume and exemption rules—or through a Qualified Authorization Provider (PAC). Every invoice issued must generate a valid electronic auxiliary receipt (CAFE) for the expense to be tax-deductible. From Costa del Este, Lcda. Ana Torres, CPA guides clients through setting up and reconciling electronic invoicing with their bookkeeping.

### Do Panamanian corporations without local operations need to file an annual income tax return with the DGI?
Panamanian corporations that do not hold a Notice of Operation and earn exclusively foreign-source income are not required to file an annual sworn income tax return with the DGI. However, under Law 254 of 2021, they are legally required to maintain annual accounting records and supporting financial statements to submit to their resident agent. In Costa del Este, Lcda. Ana Torres, CPA prepares and certifies these accounting records for holding and investment companies.

### When must an income tax return or financial statement in Panama be certified by a licensed CPA?
In Panama, sworn income tax returns for taxpayers whose gross income or net capital exceeds statutory thresholds, as well as financial statements requested by banks and government agencies, must be countersigned by a licensed Certified Public Accountant (CPA idóneo). The CPA's electronic endorsement in e-Tax 2.0 certifies that the reported figures match the taxpayer's accounting books. Lcda. Ana Torres, CPA has 10 years of experience certifying tax returns and financial reports from her office in Costa del Este.

### What personal expenses are deductible on an individual income tax return in Panama?
Individuals filing an income tax return in Panama may deduct out-of-pocket medical expenses incurred within the country, mortgage interest on a primary residence up to the statutory cap, eligible educational expenses, and the standard joint marital deduction. All claimed deductions must be backed by valid electronic or fiscal invoices issued under the taxpayer's name and ID number. In Costa del Este, Lcda. Ana Torres, CPA reviews annual receipts to apply all deductions permitted under the Fiscal Code.

### What is a Paz y Salvo from the DGI and CSS, and when does a company need one?
A Paz y Salvo is an official electronic certificate confirming that a taxpayer or employer has no overdue balances or pending filings with the General Directorate of Revenue or the Caja de Seguro Social. This certificate is required when bidding on government contracts, applying for bank loans, processing foreign employee work permits, or dissolving a corporation. Lcda. Ana Torres, CPA audits client tax accounts in Costa del Este to resolve discrepancies that could block Paz y Salvo issuance.

### What are the DGI Purchase Reports and Third-Party Payment Reports in Panama?
Beyond regular tax returns, qualifying taxpayers in Panama must periodically submit informative reports to the DGI, such as the Purchases and Imports of Goods and Services Report (Form 43 or its current equivalent) and the Third-Party Payments Report. Missing or filing these informative reports late can trigger substantial administrative fines even when no tax is owed. In Costa del Este, Lcda. Ana Torres, CPA includes tracking and filing these mandatory reports within her corporate bookkeeping service.

### What happens if a company misses a DGI tax deadline or fails to pay its annual Tasa Única?
Late tax payments to the DGI incur a 10% surcharge plus monthly late-payment interest, while late filing of tax returns or informative reports leads to administrative fines. Similarly, repeated non-payment of the annual corporate Tasa Única generates surcharges and can result in the suspension of corporate rights at the Public Registry. From Costa del Este, Lcda. Ana Torres, CPA maintains a proactive tax calendar to help clients meet every statutory deadline.

### How do estimated income tax payments (Impuesto Estimado) work in Panama?
When an annual income tax return is filed, Panama's tax system calculates an estimated income tax for the current fiscal year based on the prior period's taxable income. This estimated tax is divided into three installments due on June 30, September 30, and December 31 of each year. At her practice in Costa del Este, Lcda. Ana Torres, CPA maps out each company's tax cash flow so business owners can plan ahead for these quarterly payments.

### How do you apply for a Tax Residency Certificate from the DGI in Panama?
To obtain a Tax Residency Certificate issued by the DGI, an applicant typically must demonstrate physical presence in Panama for more than 183 days in a calendar year, or prove they maintain a permanent home and their center of economic or vital interests in the country. The petition requires official immigration movement records, utility bills, a lease or property deed, and evidence of local economic activity. Lcda. Ana Torres, CPA advises foreign residents in Costa del Este on preparing the accounting and tax documentation needed for this application.

### What documents should I bring to my first accounting meeting in Costa del Este?
For an initial consultation at Torres Contadores in Costa del Este with Lcda. Ana Torres, CPA, it is helpful to bring your RUC and e-Tax 2.0 NIT credentials, your Notice of Operation if applicable, prior income tax returns, and business bank statements. If your company has employees, bringing your CSS SIPE login or recent payroll reports is also recommended. Having these documents ready allows for an accurate assessment of your accounting and tax standing from the very first meeting.

### Are accounting and tax advisory services available in English for expats in Panama?
Yes, Lcda. Ana Torres, CPA assists clients in both Spanish and English at her office on Boulevard Costa del Este, Monday through Friday from 8:30 a.m. to 5:30 p.m. Many foreign business owners and expat residents value clear English explanations of DGI rules, ITBMS filings, and CSS payroll obligations. Monthly financial reports can also be delivered in a bilingual format to support informed business management.

## Other language
- https://siporpro.com/lcda-ana-torres-cpa