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Panama Tax Information

7% ITBMS

ITBMS is 7% (10% for alcohol/tobacco). No income tax on foreign income. RUC required.

Painter Services to Invoice

  • Interior painting
  • Exterior painting
  • Cabinet painting
  • Deck staining
  • Wallpaper removal
  • Drywall repair
  • Color consultation

Invoice Requirements in Panama

RUC number
DGI registration
Client RUC
Invoice number
ITBMS (7%)
Total in PAB/USD

Payment Terms

Deposit to start, balance on completion. Large jobs use progress payments.

Contado15 días30 díasCrédito

Payment Methods in Panama

Bank TransferBanco GeneralBanistmoCredit CardCash USD

Painter Invoice Tips

  • Specify square footage
  • Include paint/materials
  • Note surface prep
  • Document coats applied
  • Reference color choices

Frequently Asked Questions

What tax rate applies to painter invoices in Panama?

Panama has 7% ITBMS. ITBMS is 7% (10% for alcohol/tobacco). No income tax on foreign income. RUC required.

What payment methods are common for painters in Panama?

Common payment methods in Panama include: Bank Transfer, Banco General, Banistmo, Credit Card, Cash USD. Deposit to start, balance on completion. Large jobs use progress payments.

What should painter invoices include in Panama?

Your invoice should include: RUC number, DGI registration, Client RUC, Invoice number. For painter services specifically, also include: Interior painting, Exterior painting, Cabinet painting.

How should painters price their work?

By square foot, by room, or by project. Include labor and materials.

Should painters provide paint?

Most include paint in pricing. Specify paint brand/quality in quote.

What is Panama's ITBMS rate?

Panama applies 7% ITBMS on most goods and services. Higher rates for alcohol, tobacco, hotels. Exports exempt.