Fiscal Code Law N°8 of Panama

The Fiscal Code of Panama is a compendium of the local legislation on fiscal matters or National Treasury. It was approved by Law 8 of January 27, 1956 and published in the Official Gazette 12995, on June 29, 1956. The Code defines the National Treasury as the set of goods, income, taxes, shares and services belonging to the State and is divided into national assets and the National Treasury. In particular, this code also addresses aspects from commercialization to the exemption of ITBMS/VAT on food, agricultural products, public services, among others.