Panama has published Resolution No. 20-17 of 11 September 2017, which amends the country's Multinational Enterprises Headquarters regime (Sedes de Empresas Multinacionales - SEM). The SEM regime provides a number of benefits, including an income tax exemption on services provided to foreign related parties, dividends tax exemption, and relaxed requirements on foreign personnel. One of the main changes to the regime included in the Resolution is that in order to apply for the regime, the appl…