The ‘outstanding' tax practice at Galindo, Arias & López is commended for its expertise across all areas of tax consultancy, tax planning and litigation. The team is well versed in advising both local and international clients on the tax implications of corporate transactions and restructurings, as well as setting up efficient tax structures for their operations in Panama. On the contentious front, the group regularly represents clients in litigation before the Panamanian tax authority (DGI) and the Administrative Tax Court, including in cases relating to transfer pricing. Ramón Ricardo Arias leads the practice alongside Edgar Herrera, who is hailed as a ‘world-class tax lawyer‘, with strengths in the application of double taxation treaties, international taxation and transfer pricing. ‘Very technical and diligent' associate Anna Cristina Valdés is also a name to note.

Morgan & Morgan fields a comprehensive tax practice that wins strong praise for its ‘in-depth knowledge' across the full range of contentious and non-contentious tax matters. The team is particularly noted for its niche strength in tax issues relating to the registration of real estate investment companies (SIIs), but its broad practice also takes in tax compliance, the tax implications of M&A and foreign investments and the application of benefits available under Panama’s various special tax regimes (including the registration of multinational company headquarters), as well as disputes with the DGI. José Rafael Reyes, who has ‘vast knowledge' of tax law, particularly in tax litigation and compliance, leads the team with senior partner Inocencio Galindo. Other key names include Ricardo Arias, who is ‘one of the most knowledgeable lawyers in Panama regarding SIIs', and associate Angelica Ortiz.