Information about Panama minimum wage and taxes.

Information about minimum wages and taxes in Panama is as follows:

1. Minimum Wage: Minimum wage in Panama varies depending on the sector and hours worked. As of 2021, the minimum wage is as follows: - Minimum wage for trade, service and industry sectors is

3.78 USD per hour. - For the agricultural sector, the minimum wage is

3.33 USD per hour.

2. Taxes: There are various types of taxes in Panama, such as income tax, consumption tax and social security contributions. - Income Tax: In Panama, income tax is imposed at a progressive rate as follows: - 0% tax rate for income from 0 to 11,000 USD - 15% tax rate for income between 11,000 - 50,000 USD - 25% tax rate for income over 50,000 USD - Consumption Tax: Excise tax in Panama is applied to goods and services consumed throughout the country. The standard consumption tax rate is 7%, but different tax rates may apply for some products and services. - Social Security Premiums: Social security premiums are paid between employees and employers in Panama. These premiums cover social security services such as retirement, health insurance, work accidents and occupational diseases. Premium rates vary depending on the employee's gross salary and the employer's business size. The information provided above is a general information. Tax rates and other details may change over time, so it is important to obtain the most up-to-date information from official tax authorities or advice from experts.