Brazil vs Panama
Corporate Tax Comparison
Time of Update: Brazil: 3/24/2026 / Panama: 4/04/2026
Compare Brazil and Panama corporate tax rates, filing due dates, withholding tax, VAT, capital gains tax, and effective tax metrics for cross-border company planning.
Brazil vs Panama Corporate Tax Comparison
Basic Corporate Tax Comparison
Corporate Income Tax (CIT)
Brazil
Panama
General CIT Rate:
34 (composed of 25% IRPJ and 9% CSLL).
General CIT Rate:
25
CIT Return Due Date:
The last working day of July.
CIT Return Due Date:
Three months after the end of the fiscal year.
CIT Payment Due Date:
Usually, on the last working day of March of the following year (when calculating IRPJ and CSLL annually), taxpayers can pay taxes within a quota from the last working day of the next month to the end of the quarter, or they can pay taxes in three installments, with the first installment from the next month to the end of the quarter when IRPJ and CSLL are calculated quarterly.
CIT Payment Due Date:
Tax payments must be made within three months after the end of the respective accounting period.
CIT Estimated Payment Due Date:
Normally monthly instalments, but there is an option of quarterly instalment.
CIT Estimated Payment Due Date:
6 months, 9 months, and 12 months after the end of the tax year.
Withholding Tax (WHT)
Brazil
Panama
Resident Withholding Tax (Dividend/Interest/Royalty):
0 / 15 - 22.5 / N/A
Resident Withholding Tax (Dividend/Interest/Royalty):
5, 10 - 20/NA/NA
None-Resident Withholding Tax (Dividend/Interest/Royalty):
10 / 15 / 15
None-Resident Withholding Tax (Dividend/Interest/Royalty):
5, 10 - 20/12.5/12.5
Value-Added Tax (VAT)
Capital Gain Tax (CGT)
Brazil
Panama
General Capital Gain Tax Rate:
Residents: 34 legal entities (considered as a part of normal income, subject to normal CIT tax rate); non-residents: 15 to 22.5 (WHT); non-residents from tax haven countries: 25 (WHT).
General Capital Gain Tax Rate:
Return on investment sees Panama Company tax summary.
Effective Tax Rate (ETR)
Brazil
Panama
Composite Effective Average Tax Rate:
32%
Composite Effective Average Tax Rate:
23.33%
Composite Effective Marginal Tax Rate:
15%
Composite Effective Marginal Tax Rate:
18.47%
