Panama: September Deadline For Invoice Printers

The head of Internal Revenue signaled September 30 as the deadline to implement the mandatory fiscal invoice printer.

Friday, February 18, 2011

In his statements, the director added: "On September 30, any store or business which has no fiscal printer will be closed."

The requirement to have these printers comes from the recent tax reform.

"With this device we can check whether the transfer tax declarations of personal property and services (ITBMS) and sales are consistent with what was reported", said the official to Prensa.com.

More on this topic

Minimum Income Statement

September 2011

The Costa Rican Department of Taxation will audit companies that declare income below the minimum percentages required.

The thresholds for the different productive sectors will be published before 24 September and arise from the amounts that were declared previously by the taxpayers and those detected in the audits.

Tax Equipment to be Deployed Progressively

August 2011

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.

Call for Gradual Implementation of Tax Equipment

August 2011

Numerous outstanding issues remain regarding standards, short supply of some equipment, anticipated delays in software development and interconnection problems in B2B transactions.

A statement by the Panamanian Chamber of Commerce, Industries and Agriculture (CCIAP) announced it has requested “a phased implementation of the equipment, due to the complexity of its implementation.”

Panama: 58.000 Fiscal Printers in April 2011

December 2010

Tax reform requires businesses to have a fiscal printer and the government to return part of the purchase price of this equipment.

An estimated 58.000 businesses should implement the new system for recording sales. The amount the government could subsidize could reach $ 40 million.

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