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Law 49 of 17 September 2009 introduced major amendments with regard to the taxation of dividends or distribution payments. As of 17 September 2009, companies having a commercial and industrial permit (Aviso de Operación) must withhold tax on dividends or distribution payments at the rate of:
| - | 10%, if the amounts paid corresponds to Panamanian source income; or | |
| - | … |
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