Average Tax Manager Salary in Panama for 2024

In this article, we will look at the average Tax Manager salary for 2024 in Panama and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Panamanian balboa. To keep things simple, we are using the PAB currency code instead of the currency symbol B/..

How Much Does a Tax Manager Make in Panama?

A Tax Manager working in Panama will typically earn around 34,960 PAB per year, and this can range from the lowest average salary of about 18,780 PAB to the highest average salary of 54,140 PAB.

Average Annual Salary
34,960 PAB
Average Monthly Salary
2,913 PAB

Lowest Annual Salary
18,780 PAB
Lowest Monthly Salary
1,565 PAB

Highest Annual Salary
54,140 PAB
Highest Monthly Salary
4,511 PAB

These are average salaries for a Tax Manager in Panama and include benefits such as housing and transport. It's also possible for a Tax Manager to earn more or less than the average salaries shown above.

Tax Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Tax Manager Salaries in Panama

So we've looked at the average salaries a Tax Manager will earn in Panama. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Tax Manager can earn between 18,780 PAB and 54,140 PAB on average in Panama. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Tax Manager in Panama is 34,960 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 34,960 PAB, and 50% of the population earn more than 34,960 PAB.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Tax Manager salary in Panama, 25% of the population are earning less than 24,280 PAB while 75% of the population earn more than 24,280 PAB.

75% of the population earn less than 43,340 PAB, and 25% of the population earn more than 43,340 PAB.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Tax Manager Salary by Experience Level in Panama

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average tax manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Tax Manager in Panama that has less than two years of experience can expect to earn somewhere in the region of 19,060 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Tax Manager salary would increase to 28,180 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as a Tax Manager, the average salary would be 36,020 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 45,200 PAB.
  • 15 - 20 Years Experience. A Tax Manager with 15 to 20 years of experience can earn an average of 45,580 PAB.
  • 20+ Years Experience. For a Tax Manager with more than 20 years, the expected average salary increases to 50,340 PAB.

Average Salary by Experience Chart

0-2 Years
19,060 PAB
2-5 Years +32%
28,180 PAB
5-10 Years +34%
36,020 PAB
10-15 Years +19%
45,200 PAB
15-20 Years +8%
45,580 PAB
20+ Years +7%
50,340 PAB

Tax Manager Salary by Education Level in Panama

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Tax Manager in Panama based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Tax Manager in Panama with a certificate or diploma education can earn an average salary of 28,180 PAB.

  • Bachelor's Degree. A Tax Manager in Panama with a bachelor's degree education can earn an average salary of 39,160 PAB.

  • Master's Degree. A Tax Manager in Panama with a master's degree education can earn an average salary of 46,880 PAB.

Average Salary by Education Chart

Certificate or Diploma
28,180 PAB
Bachelor's Degree +37%
39,160 PAB
Master's Degree +29%
46,880 PAB

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Panama is around 10,600 to 31,800 PAB and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Tax Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Panama, a male tax manager will earn an average of 37,200 PAB, while a female tax manager will earn around 35,500 PAB.

This means that a male tax manager earns approximately 5% more than a female tax manager for performing the same job.

Average Salary by Gender Chart in Panama

Male
37,200 PAB
Female -5%
35,500 PAB

Tax Manager Average Pay Raise in Panama

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Tax Manager in Panama is around 11% every 19 months.

The national average pay raise across all professions and industries in Panama is around 7% every 19 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 11 ÷ 19 ) × 12  = 7%

What this means is that a Tax Manager in Panama can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Panama for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Panama.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Tax Manager Bonus and Incentive Rates in Panama

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Tax Manager is a high bonus based job, with 79% of employees reporting at least one bonus in the last 12 months.

21% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 5% to 8%.

Received Bonus
79%
No Bonus
21%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Panama earn approximately 4% more than private sector employees in the same role.

Public Sector
27,040 PAB
Private Sector -4%
26,020 PAB

Salaries for Jobs Similar to a Tax Manager

In the table below, we have salary information for jobs that are similar to a Tax Manager in Panama.

Job Title Category Salary
Account Examiner Accounting and Finance 11,360 PAB
Account Executive Accounting and Finance 22,660 PAB
Accountant Accounting and Finance 15,700 PAB
Accounting Analyst Accounting and Finance 20,460 PAB
Accounting Assistant Accounting and Finance 13,900 PAB
Accounting Associate Accounting and Finance 13,700 PAB
Accounting Clerk Accounting and Finance 9,960 PAB
Accounting Coordinator Accounting and Finance 15,580 PAB
Accounting Head Accounting and Finance 36,020 PAB
Accounting Manager Accounting and Finance 36,700 PAB
Accounting Officer Accounting and Finance 13,540 PAB
Accounting Specialist Accounting and Finance 21,980 PAB
Accounting Supervisor Accounting and Finance 25,940 PAB
Accounting Technician Accounting and Finance 12,120 PAB
Accounting Unit Controller Accounting and Finance 27,020 PAB
Accounts Executive Accounting and Finance 22,420 PAB
Accounts Officer Accounting and Finance 12,240 PAB
Accounts Payable and Receivable Specialist Accounting and Finance 20,300 PAB
Accounts Payable Assistant Accounting and Finance 12,000 PAB
Accounts Payable Associate Accounting and Finance 17,260 PAB
Accounts Payable Clerk Accounting and Finance 13,540 PAB
Accounts Payable Manager Accounting and Finance 31,980 PAB
Accounts Receivable Administrator Accounting and Finance 25,660 PAB
Accounts Receivable Clerk Accounting and Finance 13,900 PAB
Accounts Receivable Financial Analyst Accounting and Finance 23,500 PAB
Accounts Receivable Manager Accounting and Finance 34,980 PAB
Accounts Receivable Team Leader Accounting and Finance 25,940 PAB
Assistant Accountant Accounting and Finance 14,540 PAB
Assistant Accounting Manager Accounting and Finance 31,960 PAB
Assistant Auditor Accounting and Finance 19,220 PAB
Assistant Corporate Controller Accounting and Finance 23,260 PAB
Assistant Finance Manager Accounting and Finance 37,620 PAB
Assistant Financial Controller Accounting and Finance 21,300 PAB
Audit Director Accounting and Finance 39,420 PAB
Audit Supervisor Accounting and Finance 31,040 PAB
Auditing Clerk Accounting and Finance 12,240 PAB
Auditing Manager Accounting and Finance 35,000 PAB
Billing Clerk Accounting and Finance 12,620 PAB
Billing Coordinator Accounting and Finance 16,400 PAB
Billing Specialist Accounting and Finance 18,280 PAB
Billing Supervisor Accounting and Finance 25,720 PAB
Bookkeeper Accounting and Finance 12,840 PAB
Bookkeeping Specialist Accounting and Finance 18,780 PAB
Budget Analyst Accounting and Finance 31,940 PAB
Budget Manager Accounting and Finance 36,160 PAB
Business Support Analyst Accounting and Finance 21,100 PAB
Capital Markets Associate Accounting and Finance 25,720 PAB
Cash Flow Analyst Accounting and Finance 27,020 PAB
Cash Management Manager Accounting and Finance 37,200 PAB
Cash Management Officer Accounting and Finance 20,520 PAB
Cashbook Clerk Accounting and Finance 10,000 PAB
Chartered Accountant Accounting and Finance 21,560 PAB
Chief Accountant Accounting and Finance 27,380 PAB
Collections Clerk Accounting and Finance 10,220 PAB
Collections Representative Accounting and Finance 17,020 PAB
Collections Specialist Accounting and Finance 17,860 PAB
Corporate Controller Accounting and Finance 27,620 PAB
Corporate Treasurer Accounting and Finance 34,240 PAB
Cost Accountant Accounting and Finance 19,640 PAB
Cost Accounting Manager Accounting and Finance 34,160 PAB
Cost Accounting Supervisor Accounting and Finance 27,480 PAB
Cost Analyst Accounting and Finance 27,480 PAB
Credit and Collection Manager Accounting and Finance 34,960 PAB
Credit and Collection Staff Accounting and Finance 11,880 PAB
Credit and Loans Officer Accounting and Finance 13,700 PAB
Credit Controller Accounting and Finance 24,820 PAB
Credit Manager Accounting and Finance 36,940 PAB
Debt Adviser Accounting and Finance 26,100 PAB
Debt Collector Accounting and Finance 14,200 PAB
Debtors Clerk Accounting and Finance 12,620 PAB
Debtors Controller Accounting and Finance 13,540 PAB
Deputy CFO Accounting and Finance 50,580 PAB
Deputy Head of Finance Accounting and Finance 46,160 PAB
Derivative Trader Accounting and Finance 29,160 PAB
Director of Finance Accounting and Finance 53,120 PAB
Economist Accounting and Finance 42,040 PAB
Equity Analyst Accounting and Finance 32,200 PAB
Escrow Assistant Accounting and Finance 16,880 PAB
Executive Accountant Accounting and Finance 21,100 PAB
External Auditor Accounting and Finance 23,500 PAB
Finance Administrator Accounting and Finance 21,020 PAB
Finance Analyst Accounting and Finance 32,200 PAB
Finance Associate Accounting and Finance 14,660 PAB
Finance Director Accounting and Finance 52,820 PAB
Finance Executive Accounting and Finance 34,120 PAB
Finance Licensing Clerk Accounting and Finance 11,040 PAB
Finance Licensing Manager Accounting and Finance 34,960 PAB
Finance Licensing Specialist Accounting and Finance 19,360 PAB
Finance Manager Accounting and Finance 49,300 PAB
Finance Officer Accounting and Finance 18,780 PAB
Finance President Accounting and Finance 54,180 PAB
Finance Relationship Manager Accounting and Finance 38,700 PAB
Finance Release Analyst Accounting and Finance 18,900 PAB
Finance Specialist Accounting and Finance 26,400 PAB
Finance Team Leader Accounting and Finance 39,080 PAB
Financial Accountant Accounting and Finance 18,780 PAB
Financial Actuary Accounting and Finance 29,540 PAB
Financial Administrator Accounting and Finance 27,560 PAB
Financial Advisor Accounting and Finance 32,900 PAB
Financial Analyst Accounting and Finance 34,080 PAB
Financial Applications Specialist Accounting and Finance 21,380 PAB
Financial Assistant Accounting and Finance 14,200 PAB
Financial Associate Accounting and Finance 13,560 PAB
Financial Associate Accounting and Finance 15,300 PAB
Financial Claims Analyst Accounting and Finance 23,140 PAB
Financial Claims Manager Accounting and Finance 29,160 PAB
Financial Claims Supervisor Accounting and Finance 29,540 PAB
Financial Clerk Accounting and Finance 14,620 PAB
Financial Commercial Analyst Accounting and Finance 27,380 PAB
Financial Compliance Analyst Accounting and Finance 28,900 PAB
Financial Consultant Accounting and Finance 22,540 PAB
Financial Controller Accounting and Finance 28,180 PAB
Financial Coordinator Accounting and Finance 17,100 PAB
Financial Customer Service Manager Accounting and Finance 31,980 PAB
Financial Dealer and Broker Accounting and Finance 19,220 PAB
Financial Director Accounting and Finance 54,460 PAB
Financial Encoder Accounting and Finance 14,840 PAB
Financial Manager Accounting and Finance 46,980 PAB
Financial Manager Accounting and Finance 50,240 PAB
Financial Operations Manager Accounting and Finance 46,280 PAB
Financial Policy Analyst Accounting and Finance 26,280 PAB
Financial Project Manager Accounting and Finance 33,980 PAB
Financial Quantitative Analyst Accounting and Finance 27,560 PAB
Financial Reporting Consultant Accounting and Finance 26,020 PAB
Financial Reporting Manager Accounting and Finance 34,960 PAB
Financial Section Head Accounting and Finance 35,300 PAB
Financial Services Manager Accounting and Finance 43,340 PAB
Financial Services Sales Agent Accounting and Finance 19,020 PAB
Fixed Assets Administrator Accounting and Finance 17,760 PAB
Forensic Accountant Accounting and Finance 21,540 PAB
Fraud Detection Supervisor Accounting and Finance 19,980 PAB
Fraud Prevention Manager Accounting and Finance 33,520 PAB
Fund Accountant Accounting and Finance 18,780 PAB
Grants Coordinator Accounting and Finance 11,360 PAB
Group Financial Manager Accounting and Finance 48,740 PAB
Internal Auditor Accounting and Finance 22,400 PAB
Internal Control Adviser Accounting and Finance 26,660 PAB
Internal Control Officer Accounting and Finance 14,840 PAB
International Tax Director Accounting and Finance 43,080 PAB
Inventory Accountant Accounting and Finance 17,740 PAB
Investment Advisor Accounting and Finance 46,980 PAB
Investment Analyst Accounting and Finance 34,160 PAB
Investment Associate Accounting and Finance 31,080 PAB
Investment Broker Accounting and Finance 29,640 PAB
Investment Fund Manager Accounting and Finance 40,240 PAB
Investment Operations Manager Accounting and Finance 39,800 PAB
Investment Underwriter Accounting and Finance 14,920 PAB
Investor Accounting and Finance 23,500 PAB
Investor Relations Manager Accounting and Finance 37,200 PAB
KYC Team Leader Accounting and Finance 34,240 PAB
Loan Processor Accounting and Finance 14,840 PAB
Management Accountant Accounting and Finance 17,740 PAB
Management Economist Accounting and Finance 42,320 PAB
Paymaster Accounting and Finance 14,200 PAB
Payroll Administrator Accounting and Finance 23,400 PAB
Payroll Benefits Coordinator Accounting and Finance 19,480 PAB
Payroll Billing Manager Accounting and Finance 31,340 PAB
Payroll Clerk Accounting and Finance 14,820 PAB
Payroll Manager Accounting and Finance 33,120 PAB
Payroll Officer Accounting and Finance 14,920 PAB
Payroll Specialist Accounting and Finance 20,300 PAB
Payroll Supervisor Accounting and Finance 20,000 PAB
Pensions Administrator Accounting and Finance 20,300 PAB
Personal Financial Advisor Accounting and Finance 29,040 PAB
Pricing Analyst Accounting and Finance 30,840 PAB
Private Equity Analyst Accounting and Finance 31,080 PAB
Project Accountant Accounting and Finance 19,640 PAB
Proposal Development Coordinator Accounting and Finance 17,100 PAB
Receivables Accountant Accounting and Finance 17,100 PAB
Regulatory Accountant Accounting and Finance 19,860 PAB
Retirement Plan Analyst Accounting and Finance 27,620 PAB
Revenue Management Specialist Accounting and Finance 28,660 PAB
Revenue Recognition Analyst Accounting and Finance 33,960 PAB
Risk Management Director Accounting and Finance 44,140 PAB
Risk Management Supervisor Accounting and Finance 33,980 PAB
Staff Accountant Accounting and Finance 15,700 PAB
Tax Accountant Accounting and Finance 17,620 PAB
Tax Administrator Accounting and Finance 17,740 PAB
Tax Advisor Accounting and Finance 27,380 PAB
Tax Analyst Accounting and Finance 28,180 PAB
Tax Associate Accounting and Finance 12,580 PAB
Tax Consultant Accounting and Finance 27,620 PAB
Tax Director Accounting and Finance 39,080 PAB
Tax Examiner Accounting and Finance 19,640 PAB
Tax Research Manager Accounting and Finance 38,260 PAB
Teller Accounting and Finance 9,740 PAB
Treasury Accountant Accounting and Finance 19,640 PAB
Treasury Analyst Accounting and Finance 26,860 PAB
Underwriter Accounting and Finance 13,660 PAB
Underwriting Assistant Accounting and Finance 12,180 PAB
Vice President of Finance Accounting and Finance 48,160 PAB

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