{"id":3121,"date":"2026-06-20T07:00:00","date_gmt":"2026-06-20T07:00:00","guid":{"rendered":"https:\/\/limayasociados.com\/?p=3121"},"modified":"2026-06-19T14:45:16","modified_gmt":"2026-06-19T14:45:16","slug":"substance-economique-panama-loi-526","status":"publish","type":"post","link":"https:\/\/limayasociados.com\/fr\/sustancia-economica-panama-ley-526\/","title":{"rendered":"R\u00e9forme du Code fiscal du Panama : substance \u00e9conomique et sortie des listes de paradis fiscaux"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Le Panama a franchi une \u00e9tape d\u00e9cisive en mati\u00e8re de transparence fiscale avec l'adoption de la loi 526 du 28 mai 2026, qui r\u00e9forme le Code fiscal et introduit des exigences de substance \u00e9conomique au Panama pour certaines entreprises. L'objectif central est clair : aligner le pays sur les normes internationales et obtenir sa sortie des listes de paradis fiscaux, en particulier celle de l'Union europ\u00e9enne. Cette r\u00e9forme a des implications concr\u00e8tes pour les groupes multinationaux pr\u00e9sents dans le pays.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Qu'est-ce que la loi 526 sur la substance \u00e9conomique ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La loi 526 de 2026 int\u00e8gre au Code fiscal de nouvelles r\u00e8gles qui conditionnent un avantage historique du syst\u00e8me panam\u00e9en. Le Panama maintient son r\u00e9gime de revenu territorial \u2014seuls les revenus g\u00e9n\u00e9r\u00e9s \u00e0 l'int\u00e9rieur du pays sont impos\u00e9s\u2014, mais d\u00e9sormais ce traitement favorable d\u00e9pend de la capacit\u00e9 de l'entreprise \u00e0 d\u00e9montrer une activit\u00e9 r\u00e9elle sur le territoire panam\u00e9en. La loi entre en vigueur \u00e0 partir de la p\u00e9riode fiscale 2027 et son r\u00e8glement d'application reste \u00e0 publier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que vise la r\u00e9forme du Code fiscal du Panama ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9forme poursuit trois objectifs principaux :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>\u00c9viter que des structures panam\u00e9ennes soient utilis\u00e9es uniquement pour que des revenus g\u00e9n\u00e9r\u00e9s \u00e0 l'\u00e9tranger ne soient impos\u00e9s nulle part (ce que l'Union europ\u00e9enne appelle la &#8220;double non-imposition&#8221;).<\/li>\n\n\n<li>Exiger que les entreprises concern\u00e9es d\u00e9montrent une substance \u00e9conomique r\u00e9elle, c'est-\u00e0-dire des op\u00e9rations v\u00e9ritables dans le pays.<\/li>\n\n\n<li>Appliquer un imp\u00f4t de 15 % aux revenus passifs de source \u00e9trang\u00e8re des entit\u00e9s qui ne peuvent pas justifier cette substance.<\/li>\n\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Qu'est-ce que la substance \u00e9conomique ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La substance \u00e9conomique est l'existence et l'utilisation effective, au Panama, des moyens n\u00e9cessaires pour g\u00e9n\u00e9rer et g\u00e9rer le revenu. En pratique, une entreprise justifie d'une substance lorsqu'elle dispose dans le pays de :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>Ressources humaines qualifi\u00e9es d\u00e9di\u00e9es \u00e0 cette activit\u00e9.<\/li>\n\n\n<li>Installations ad\u00e9quates pour op\u00e9rer.<\/li>\n\n\n<li>Direction et prise de d\u00e9cisions effectives sur le territoire panam\u00e9en.<\/li>\n\n\n<li>D\u00e9penses d'exploitation en ad\u00e9quation avec l'activit\u00e9 exerc\u00e9e.<\/li>\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">En d'autres termes, il ne suffit plus d'\u00eatre enregistr\u00e9 : il faut \u00eatre en activit\u00e9. Avec cette exigence, le Panama s'aligne sur le principe international selon lequel l'imposition doit correspondre au lieu o\u00f9 la valeur \u00e9conomique est r\u00e9ellement g\u00e9n\u00e9r\u00e9e.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c0 quelles entreprises s'applique la nouvelle loi ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">C'est le point le plus important et celui qui cr\u00e9e le plus de confusion. La loi 526 ne s'applique pas \u00e0 toutes les entreprises ni \u00e0 toutes les soci\u00e9t\u00e9s panam\u00e9ennes. Elle s'applique uniquement lorsque deux conditions sont r\u00e9unies en m\u00eame temps :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>L'entit\u00e9 fait partie d'un groupe multinational (deux entit\u00e9s ou plus li\u00e9es par la propri\u00e9t\u00e9 ou le contr\u00f4le, r\u00e9sidentes dans des juridictions diff\u00e9rentes).<\/li>\n\n\n<li>L'entit\u00e9 obtient des revenus passifs de source \u00e9trang\u00e8re : dividendes, int\u00e9r\u00eats, redevances, gains en capital et revenus immobiliers provenant de l'\u00e9tranger.<\/li>\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Sont g\u00e9n\u00e9ralement exclues du r\u00e9gime les entreprises purement op\u00e9rationnelles dont les revenus proviennent d'activit\u00e9s commerciales ou de services au Panama, les entit\u00e9s du r\u00e9gime maritime (express\u00e9ment exclues) et les structures patrimoniales simples des personnes physiques. Les fondations d'int\u00e9r\u00eat priv\u00e9 individuelles sont habituellement exclues ; toutefois, certaines structures \u2014holdings r\u00e9gionaux ou fondations int\u00e9grant un groupe multinational et percevant des revenus passifs\u2014 se situent dans des zones grises qui requi\u00e8rent une analyse au cas par cas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L'imp\u00f4t de 15 % : quand s'applique-t-il ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La loi classe les entit\u00e9s concern\u00e9es en deux cat\u00e9gories :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li><strong>Entit\u00e9 qualifi\u00e9e :<\/strong> justifie d'une substance \u00e9conomique. Ses revenus passifs de source \u00e9trang\u00e8re conservent le traitement territorial et ne sont pas impos\u00e9s au Panama.<\/li>\n\n\n<li><strong>Entit\u00e9 non qualifi\u00e9e :<\/strong> ne parvient pas \u00e0 justifier d'une substance. Ses revenus passifs de source \u00e9trang\u00e8re sont soumis \u00e0 un taux unique et d\u00e9finitif de 15 % sur le revenu net imposable.<\/li>\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Il convient de pr\u00e9ciser que les 15 % ne constituent pas un nouvel imp\u00f4t g\u00e9n\u00e9ral sur les revenus de source \u00e9trang\u00e8re, mais une cons\u00e9quence exceptionnelle pour ceux qui rel\u00e8vent du r\u00e9gime et ne remplissent pas les conditions. En outre, l'imp\u00f4t pay\u00e9 \u00e0 l'\u00e9tranger sur ces m\u00eames revenus peut \u00eatre cr\u00e9dit\u00e9 au Panama, \u00e0 hauteur du montant qui serait d\u00fb localement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La sortie des listes de paradis fiscaux de l'Union europ\u00e9enne<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L'objectif de fond de la r\u00e9forme est de permettre au Panama de sortir de la liste des juridictions non coop\u00e9ratives de l'Union europ\u00e9enne, o\u00f9 il demeure \u00e0 l'Annexe I (la &#8220;liste noire&#8221;). L'UE reprochait au r\u00e9gime panam\u00e9en d'exon\u00e9ration des revenus de source \u00e9trang\u00e8re de permettre, selon elle, une double non-imposition. Figurer sur ces listes nuit \u00e0 la r\u00e9putation du pays, rench\u00e9rit les op\u00e9rations, limite l'acc\u00e8s \u00e0 certains march\u00e9s et services financiers internationaux et peut m\u00eame exclure des entreprises des appels d'offres europ\u00e9ens. Avec cette loi, le Panama adopte le crit\u00e8re de substance \u00e9conomique que l'UE exige comme \u00e9tape d\u00e9cisive vers son exclusion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment cela affecte-t-il votre entreprise et que devez-vous faire ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Si votre entreprise fait partie d'un groupe multinational et per\u00e7oit des revenus passifs de l'\u00e9tranger par l'interm\u00e9diaire d'une structure panam\u00e9enne, c'est le moment de revoir votre situation avant la p\u00e9riode fiscale 2027. Les actions cl\u00e9s sont : \u00e9valuer si l'entit\u00e9 rel\u00e8ve du champ d'application de la loi, d\u00e9terminer si elle remplit les exigences de substance \u00e9conomique et, dans le cas contraire, ajuster la structure pour justifier d'une substance ou anticiper l'impact des 15 %. Les entit\u00e9s concern\u00e9es devront en outre d\u00e9poser une d\u00e9claration sous serment annuelle rendant compte de ces revenus et justifiant leur conformit\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chez Lima y Asociados, nous conseillons les entreprises nationales et internationales dans l'adaptation de leurs structures \u00e0 la loi 526 : nous analysons si votre cas rel\u00e8ve du r\u00e9gime, nous vous aidons \u00e0 documenter la substance \u00e9conomique et nous concevons la strat\u00e9gie qui prot\u00e8ge votre conformit\u00e9 fiscale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vous voulez savoir comment cette r\u00e9forme vous affecte ? <a href=\"https:\/\/wa.me\/50767420999?text=Vengo%20de%20tu%20p%C3%A1gina%20web%20para%20saber%20m%C3%A1s%20sobre%20la%20ley%20de%20sustancia%20econ%C3%B3mica...\" target=\"_blank\" rel=\"noreferrer noopener\">\u00c9crivez-nous sur WhatsApp<\/a> au +507 6742-0999 et discutons de votre cas.<\/p>","protected":false},"excerpt":{"rendered":"<p>Le Panama r\u00e9forme son Code fiscal pour accro\u00eetre la transparence fiscale et sortir des listes de paradis fiscaux de l'Union europ\u00e9enne. La r\u00e9forme vise \u00e0 \u00e9viter l'\u00e9vasion fiscale des entreprises internationales, \u00e0 exiger une substance \u00e9conomique v\u00e9ritable et \u00e0 appliquer un imp\u00f4t de 15 % \u00e0 ceux qui ne s'y conforment pas. Cela affectera les entreprises op\u00e9rant dans le pays.<\/p>","protected":false},"author":2,"featured_media":3177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13,11],"tags":[48,24,50,47,49,51,52],"class_list":["post-3121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-derecho-corporativo","category-derecho-tributario","tag-codigo-fiscal","tag-panama","tag-paraisos-fiscales","tag-reforma-fiscal","tag-sustancia-economica","tag-transparencia-tributaria","tag-union-europea"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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