Panama Importer of Record at a Glance:
Importer of Record
- Assigning a third party to act as your Importer of Record is a simple process that many of our clients utilize
- Unlike other Latin American countries, there are no specific telecommunications permits
IT Shipping & Logistics
- Panama does allow you to import used goods
- Last-mile delivery can typically be completed in one or two days
Importer of Record and Pre-Shipping Documentation
Importer of Record
Utilizing an Importer of Record in Panama has few restrictions. Panama’s canal establishes them as a global trade center and makes them amicable to international trade. There are no local-sale, free-of-charge, or transfer of ownership restrictions like those seen in other Latin American countries.
Pre-Shipping Documentation
Panama is one of the least restrictive countries in the Latin American region for importing IT hardware and telecommunications equipment. Unlike in many other countries, there is no specific permit needed for the import of telecommunications equipment.
However, you will still need to provide the typical import paperwork with your shipment (i.e. bill of materials, master airway bill, etc.). Once the proper paperwork has been completed and the taxes and duties have been paid, your shipment should be able to clear through customs quickly.
The VAT tax in Panama is known as the ITBMS tax (Impuesto de Transferencia de Bienes Muebles y Prestación de Servicios). It is a tax on the transfer of goods and services, and like all VAT tax, you may be able to reclaim it later if you are eligible.
IT Shipping & Logistics
As mentioned above, Panama is a fairly easy market to import IT hardware; this applies to new and used goods. As long as the goods have the proper valuation and you have paid the duties and taxes, you can import most used goods into Panama.
Although Panama is known for its canal, we typically encourage clients to utilize air freight for shipments. It’s the fastest and most reliable way to get IT hardware into the country. Last-mile delivery is not particularly difficult either. Because of the size of the country (slightly smaller than the state of South Carolina), you can usually complete last-mile delivery in a day or two after your shipment clears customs.
FGX manages all of our client’s shipments door-to-door (or door-to-datacenter). This case study showcases how we navigated IT logistics and importation into Panama at the time that it was written. Regulations and challenges are constantly changing and exact shipping requirements may have changed. To learn more about FGX and how our global shipping platform can help your company, reach out here.
