Import taxes in Panama: 2026 guide

The CIF value: the base of everything

CIF stands for Cost, Insurance, and Freight. It is the sum of what you paid for your goods, plus what it cost to insure and ship them to Panama. All import taxes are calculated on that total — not just on the purchase price.

Panama's National Customs Authority (ANA) uses the declared CIF value as the taxable base. If the declared value looks too low against market value, the authority can adjust it, so it pays to keep the commercial invoice and freight receipt well documented.

A simple example, for reference: if you buy a product for $800, pay $150 in freight and $50 in insurance, your CIF value is $1,000. Duty and ITBMS are calculated on those $1,000, not on the $800.

Duties: they depend on the tariff classification

Every product has a classification in the customs tariff called a tariff heading (partida arancelaria), and that heading defines the duty percentage it pays. There is no single rate for everything: as a reference, many consumer goods typically pay between 0% and 15% duty, but the exact rate depends on how your product is classified.

Vehicles are a separate case: they typically pay about 15% duty on the CIF value when it is up to $15,000, and around 30% above that amount. Pure electric vehicles pay 0% duty until 2030.

In addition, certain products such as liquor and tobacco may pay an additional tax called ISC (selective consumption tax). If your product falls into that category, your customs broker confirms it before assessment.

Note: the correct tariff classification is determined by your customs broker based on the actual description of the goods. A wrong classification can change — significantly — what you end up paying.

If you are importing a car, check our detailed guide: How much does it cost to import a car to Panama: 2026 guide

ITBMS: 7% on CIF + duty

ITBMS is Panama's value-added tax on goods and services. On imports it is charged at 7%, and it is not calculated on the CIF value alone: it applies to the sum of the CIF value plus the import duty.

Following the example above: if your CIF value is $1,000 and your duty is 10% ($100), ITBMS is calculated on $1,100, that is, $77. In total you would pay $177 in taxes, for reference.

ITBMS applies even when the product is exempt from duty — such as electric vehicles, which pay 0% duty but do pay the 7% ITBMS on the CIF value.

When do you need a customs broker?

If your import exceeds $500 CIF (cost, insurance, and freight), Panamanian customs law requires the mandatory involvement of a licensed customs broker for the legal declaration and clearance of goods.

The broker classifies your goods under the correct tariff heading, files the declaration with the ANA, calculates the exact taxes, and manages the release of your cargo. In practice, they turn a complex process into something manageable.

If your import is under $500 CIF, you can usually clear it without a broker, although the process may vary depending on the type of goods and the port of entry.

Exemptions and special cases

Not all imports pay the same taxes. Panama provides exemptions and special treatments for certain cases, always subject to requirements that your customs broker should verify before you buy or ship.

• Household goods (menaje de casa): if you are moving to Panama, your used personal belongings may qualify for exemptions, depending on your immigration status and how long you have owned the goods.
• Retirees (pensionados and jubilados): residents with pensionado or jubilado status may qualify for import-tax exemptions on certain goods. Requirements and scope change over time, so your customs broker should confirm your eligibility.
• Electric vehicles: 0% duty until 12/31/2030 under Law 295, with the 7% ITBMS applicable on the CIF value.

Related guides

• How much does it cost to import a car to Panama: 2026 guide
• Documents to import to Panama: 2026 guide

Want to know how much you would pay in your case?

Use our calculator to estimate your import taxes, or talk directly to a licensed customs broker.

Frequently asked questions

Sources

• Autoridad Nacional de Aduanas de Panamá