An estimated 58.000 businesses should implement the new system for recording sales. The amount the government could subsidize could reach $ 40 million.
Laestrella.com.pa details aspects of the equipment, "the machines must be capable of storing up to 1.825 records or keep the information for a period of up to 5 years. In addition, tax reports and audit information contained in each fiscal printer must be protected and saved without access or the ability to be modified. The equipment will also contain an identification number and a DGI logo."
Panamanian authorities have announced that the implementation of tax equipment in the province of Panama will be made gradually being completed by December 1.
A press release from the Ministry of Economy and Finance of Panama reads:
The implementation of fiscal equipment in the province of Panama will be made gradually, being completed by December 1, said Luis Cucalón, Director General of Revenue at the MEF, following the adoption in first debate on the draft law which amends some related tax measures in Law 76 of December 22, 1976 and Law 62 of October 15, 2010 by the Legislative Commission of Economy and Finance.
In China three payments a year are required, in Chile the figure can be up to six, and in Panama up to 60 payments are required in the same period.
According to an article in Laestrella.com.pa, "Panama should continue efforts to reduce the administrative complexity in the payment of taxes, recommended the global consultancy Price Waterhouse Coopers (PWC) and the World Bank (WB) on Monday."
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