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ITBMS, or Impuesto de Transferencia de Bienes Muebles y Servicios, is Panama's value-added tax (VAT) system. It is also known as the Value Added Tax (VAT) in some countries. ITBMS is a tax applied to the transfer of movable goods and the provision of services in Panama. It is designed to tax the value added at each stage of the production and distribution process.

As of my last knowledge update in September 2021, the standard rate of ITBMS in Panama was 7%. However, please note that tax rates can change over time, and it's essential to check with the Panamanian tax authorities or consult with a local tax professional for the most up-to-date information on ITBMS rates and any potential changes that may have occurred since then.

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