The Panamanian Tax Code establishes a temporary entry regime of up to one year for all types of merchandise. There are two options. First, the goods can enter the country importer makes a deposit equivalent to the import duty. This payment will be reimbursed at the time the goods leave the country. Second, an insurance company can issue a bond for the importer covering the import duty value, payable if the goods fail to exit the country as scheduled.
Special temporary dispositions apply in the case of trade shows and exhibitions taking place at the Atlapa Convention Center, Panama's exhibition and convention center. Goods can enter the Atlapa Convention Center with no warranty payment or bond required. The merchandise to be displayed in certain trade shows, enjoys duty free status and may be sold off the floor duty free.
Samples with commercial value are subject to temporary entry requirements. Samples with no commercial value are admitted duty free. If samples arrive in large containers, they will be taxable even though they may be marked as free samples.
Labeling and Marking
Panama has no special regulations for labeling and marking. Labels are required to have basic information regarding the name and address of the manufacturer, expiration date, list of ingredients, lot number, and the product frame, e.g. powder, liquid, etc.
Labels in English are accepted, except medicines, household products and foods, which require special instructions. In these cases instructions regarding dosage, usage, warnings, etc., must be in Spanish.
All goods arriving in Panama intended to be re-exported immediately must be marked “PANAMA IN TRANSIT” on each box or outside container.
Prohibited Imports
The following products cannot be imported into Panama:
Counterfeited coins or printed material that imitates currencies.
Equipment or instruments for manufacturing coins.
Liquors, wines, beers or medicines with labels that falsely describe contents, or of any kind of harmful preparation.
Certain firearms or war materials.
Foreign lottery or raffle tickets.
Opium in the form of gum or for smoking
Obscene brochures, books, newspapers, magazines, or postcards containing negative portrayals of the country’s culture, civilization or dignity.
Plants, seeds, or animals when determined by the Ministry of Agriculture. According to the WTO, Panama prohibits the exportation but not the domestic consumption of unprocessed logs of certain tree species from natural forests. It imposes a 1 per cent export tax on certain processed wood products. The exportation of certain marine products and of non-ferrous scrap requires a special permit.
ISO Standards
The Government of Panama designated the Comisión Panameña de Normas Industriales y Técnicas (COPANIT), an agency of the Ministry of Commerce and Industry, as the domestic registering authority for participation in the International Standards Organization ISO 9000 program. There is no legal limitation in Panama on participation in ISO 9000 by firms doing business. In fact, an increasing number of Panamanian firms are seeking or have already obtained ISO 9000 certification. Panama is a member of the Pan American Standards Commission (COPAN), headquartered in Venezuela.
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