The following products cannot be imported into Panama: counterfeit coins or printed material that imitates currencies, equipment or instruments for manufacturing coins, liquors, wines, beers or medicines with labels that falsely describe contents, or of any kind of harmful preparation, certain firearms or war materials, foreign lottery or raffle tickets, opium in the form of gum or for smoking, obscene brochures, books, newspapers, magazines, or postcards containing negative portrayals of the country's culture, civilization or dignity, and, plants, seeds, or animals when determined by the Ministry of Agriculture.
Processing of all the necessary customs documents needed on all imports to Panama is quite fast, easy, efficient, and reliable. Imported merchandise needs to be cleared through a customs broker licensed by the Government of Panama. There are exceptions made for duty free imports, consigned to national or municipal government’s goods, goods imported by foreign diplomats, or goods intended for re-export. If for some reason proper documentation cannot be attained within 24 hours of the shipments arrival, the goods can be granted clearance if a bond is posted equal to the amount of duties. The bond is then cancelled if the necessary documents are provided within 90 days and may be extended an additional 90 days in some circumstances.
The following documents are required: import declaration, commercial invoice, airway bill, bill of landing, commercial license number, phytosanitary certificate, certificate of free sale.
Duties on goods are assessed on the "ad valorem" basis by the cost, insurance and freight (CIF) value of the goods. In addition to the duties on imports, they are all subject to a 5% value added tax (ITBM). Some goods such as, pharmaceuticals, food and school supplies are exempt from those tariffs. The tariffs on imports have been decreased to meet the WTO requirements for members. A 15% tax ceiling has been established.
The labelling on imported products may be in the language of origin; however, in accordance with National Technical Standard another additional label, with a description of the contents and instructions for use in Spanish, must be stuck to the packaging.
Labels should include: name and address of the manufacturer, expiration date, list of ingredients, lot number, product form, e.g. powder, liquid, etc. All goods arriving in Panama intended to be reexported immediately must be marked "PANAMA IN TRANSIT" on each box or outside container. | 
