Panama
Código Fiscal y Ley 22/2006 de Contrataciones Públicas y Constitución Arts. 279-284
Código Fiscal 1956; Ley 22/2006 Contrataciones (ref. Ley 153/2020); Ley 6/2002 Transparencia; Ley 129/2020 UBO; Ley 67/2008 Tribunal de Cuentas; Const. 1972 Arts. 279-284
Drafted with AI
Drafted with AI from the cited sources under the direction of UnGovr staff. UnGovr holds editorial responsibility for this page. How this site is made
Panama's national fiscal transparency framework rests on the Código Fiscal (1956), the constitutional Contraloría General de la República (Const. 1972 Arts. 279-284), and Ley 22/2006 de Contrataciones Públicas (reformed by Ley 153/2020). The Contralor General is elected by the Asamblea Nacional for a 5-year term (Const. Art. 280). The Contraloría exercises pre-audit (refrendo) power and manages the PanamaCompra e-procurement portal. Ley 6/2002 mandates proactive disclosure including a Citizen Budget. Ley 129/2020 established Panama's beneficial ownership registry, a direct post-Panama Papers reform. Panama is dollarized (USD functional currency since 1904). No IFI or legislative budget office exists. CPI 2025: 33/100. National PEFA assessment last conducted in 2013.
Transparency Requirements
Budget Publicationmax 12 pts
| Budget publication required | ✓ Yes |
|---|---|
| Budget published online | ✓ Yes |
| Budget publication timeline | 76 days before fiscal year |
| Machine-readable budget format | No |
| Draft budget required before adoption | ✓ Yes |
Expenditure Disclosuremax 12 pts
| Expenditure disclosure required | ✓ Yes |
|---|---|
| Expenditure granularity | department |
| Public expenditure portal required | ✓ Yes |
| Expenditure reporting frequency | quarterly |
Independent Auditmax 12 pts
| Audit required | ✓ Yes |
|---|---|
| Auditor independent of entity | ✓ Yes |
| Auditor selection method | elected |
| Audit frequency | annual |
| Audit reports public | ✓ Yes |
| Audit scope | financial performance |
Contract & Procurementmax 10 pts
| Public bidding required | ✓ Yes |
|---|---|
| Contract publication required | ✓ Yes |
| Bid award disclosure | ✓ Yes |
| Beneficial ownership disclosure | ✓ Yes |
Debt & Liability Disclosuremax 10 pts
| Debt disclosure required | ✓ Yes |
|---|---|
| Pension liability disclosure | No |
| Contingent liability disclosure | ✓ Yes |
| Voter approval required for new debt | No |
Fiscal Reporting Frequencymax 10 pts
| Interim reporting required | ✓ Yes |
|---|---|
| Interim reporting frequency | quarterly |
| Year-end report deadline | 90 days after fiscal year |
| Citizens budget required | ✓ Yes |
Enforcement & Oversightmax 10 pts
| Non-compliance penalties | ✓ Yes |
|---|---|
| Fiscal oversight body | No |
| Whistleblower protections | No |
| Legislative budget office | No |
Revenue & Tax Transparencymax 8 pts
| Tax expenditure reporting | ✓ Yes |
|---|---|
| Revenue forecasting required | ✓ Yes |
| Tax rate publication | ✓ Yes |
| Fee schedule publication | ✓ Yes |
Compensation & Payrollmax 8 pts
| Salary disclosure required | No |
|---|---|
| Salary disclosure scope | — |
| Pension benefit disclosure | No |
| Overtime reporting | No |
Capital & Asset Disclosuremax 8 pts
| Capital plan required | ✓ Yes |
|---|---|
| Asset inventory required | No |
| Surplus asset disposal transparency | No |