Taxes are charges that a government imposes on individuals as well as on legal entities. They may be direct or indirect, but they are always obligatory, so that anyone who is under the jurisdiction of a particular government must pay them. Taxes are levied on incomes, capital gains, sales, value added and bequests, among other things.
The government charges taxes in order to improve the country’s situation by providing services like: police and/or other armed entities, education, health care, etc.
Lately, there have been more persons coming to the conclusion that their best advantages lie in offshore/overseas banking and enterprises. Profitability comes easy because such offshore hubs are countries with almost non-existent tax levying. Among such venues Panama is one of the most favored by offshore clients due to the superb benefits it offers.
Since taxes are a foremost concern regarding companies and overseas bank accounts, it is better for the development and improving of your business to do a correct tax planning. In this way, persons, companies and corporations may make the best use of their resources while expanding their growth. The government of Panama does not levy taxes on bequests, corporate and capital gains, if they spring from offshore/overseas businesses. The advantages offered by Panama make it an excellent location for incorporation, developing offshore ventures and keeping bank accounts.