MX · AmericasPA · Americas
Mexico vs Panama: tax rates compared
Mexico has an income tax rate of 35%, 10pp above Panama's 25%. The 200-country average is 28%: Mexico sits above it, Panama sits below it. Mexico's figure is dated 2025-01-01 and Panama's 2026-01-18, so the two rates come from different data vintages.
Verified data covers five of the six tracked tax types for both countries; every rate below is cited to its source and dated.
At a glance
| Tax | MX | PA | Difference |
|---|---|---|---|
| Income Tax | 35% | 25% | MX +10 pplargest gap |
| Corporate Tax | 30% | 25% | MX +5 pp |
| VAT | 16% | 7% | MX +9 pp |
| Capital Gains Tax | 10% | 10% | match |
| Wealth Tax | 0% | 0% | match |
Income Tax
| Country | Rate | Source |
|---|---|---|
| Mexico | 35% | Source: OECD Tax Database — Top statutory personal income tax rates · as of 2025-01-01 |
| Panama | 25% | Source: PWC Worldwide Tax Summaries — Panama (Individual, Taxes on personal income) · as of 2026-01-18 |
| Difference | +10 pp | Mexico higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Mexico | 30% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Panama | 25% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | +5 pp | Mexico higher |
Mexico has a corporate tax rate of 30%, 5pp above Panama's 25%. The 201-country average is 22.6%: both sit above it.
VAT
| Country | Rate | Source |
|---|---|---|
| Mexico | 16% | Source: PWC Worldwide Tax Summaries — Mexico (Corporate, Other taxes) · as of 2026-02-24 |
| Panama | 7% | Source: PWC Worldwide Tax Summaries — Panama (Corporate, Other taxes) · as of 2026-01-18 |
| Difference | +9 pp | Mexico higher |
Mexico has a VAT rate of 16%, 9pp above Panama's 7%. The 181-country average is 15%: Mexico sits above it, Panama sits below it.
Capital Gains Tax
| Country | Rate | Source |
|---|---|---|
| Mexico | 10% | Source: PwC Worldwide Tax Summaries — Mexico (Individual, Income determination) · as of 2026-01-30 |
| Panama | 10% | Source: PWC Worldwide Tax Summaries — Panama (Individual, Other taxes) · as of 2026-01-18 |
| Difference | 0 pp | displayed rates match |
Mexico and Panama share the same capital gains tax rate: 10%. The 175-country average is 10.3%: both sit below it.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Mexico | 0% | Source: PWC Worldwide Tax Summaries — Net wealth/worth tax rates (quick chart) · as of 2026-02-24 |
| Panama | 0% | Source: PWC Worldwide Tax Summaries — Panama (Individual, Other taxes) · as of 2026-01-18 |
| Difference | 0 pp | displayed rates match |
Mexico and Panama share the same wealth tax rate: 0%. The 193-country average is 0.1%: both sit below it.
Not covered for both countries yet: Crypto Tax.