Economy Key Facts —The law. Panama enacted Law 526 on May 28, adding economic-substance rules to its tax code for multinational groups. —The test. Entities earning foreign passive income must now prove real local activity, or lose their tax exemption. —The penalty. Those that cannot show substance face a 15 percent tax on that foreign […] The post Panama Just Tightened the Rules on Its Famous Tax Haven Status appeared first on The Rio Times.