Panama ITBMS Calculator: Add or Remove 7% Sales Tax
Add or remove Panama's ITBMS on a price: 7% general rate, 10% for hotels and alcoholic drinks and 15% for tobacco, with the price with and without tax.
Basic food, medicines, education and many health services are exempt. Panama uses the balboa (B/.), at par with the US dollar.
What it does
Panama's ITBMS (impuesto de transferencia de bienes muebles y servicios) is 7% on most goods and services, 10% on hotel stays and alcoholic drinks and 15% on tobacco products. To remove it from a price divide by 1.07.
How to use it
- Type the amount.
- Choose whether to add or remove ITBMS and the rate.
- Read the ITBMS and the prices with and without it.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
How much ITBMS is in B/.107?
B/.7: the price without tax is B/.100.
What pays 10%?
Hotel and lodging services and alcoholic drinks.
Is the balboa the same as the dollar?
Yes, B/.1 equals US$1 and dollar notes are used every day.
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