With the proposed reform to Law 8204, all electronic transfers of $1,000 or more will have to be justified by customers and registered by banks.
Article 19a of the regulation under consultation indicates that "...The subjects under obligation who provide transfer services to or from other countries in local or foreign currency, which equal or exceed US $1,000.00 (one thousand dollars in the currency of the United States of America) or its equivalent in colones or other foreign currency, must electronically record the information listed below:
The new legislation gives legal value to certified electronic signatures and establishes the basis for regulating service providers.
From a statement issued by the Legislative Assembly of El Salvador:
The Legislature has unanimously approved the Law on Electronic Signatures, these regulations give legal security to the certified use of electronic signatures, which through this means allows the country to be incorporated into the global environment, in which secure interactions occur within the information society.
From October it will be mandatory for declarations for the traditional and simplified taxation regimes for income taxes, sales, withholding tax and solidarity tax to be made using the electronic platform.
From a statement issued by the Ministry of Finance:
Banks say they are not investing in the technology required to implement electronic signatures for digital processes due to the small amount of use by users.
Although the use of electronic signatures for banking transactions is something which is very common in most countries of the world, there is still some reluctance by people in Panama to use it, leading banks to stop making the necessary investments to implement the system.
The Public Registry web platform allows the digital registration using electronic signatures to authorize transactions.
Panamaamerica.com.pa reports that "the new technological tool will streamline internal processes and allow paperwork and long lines to become a thing of the past through a system that offers security."
From the first half of next year, all professional people will have to use the mechanism that has the same validity as paper documents.
This was announced by Carlos Vargas, CEO of Taxation. The goal "... is to have a tool to verify professional people's income, which is important for determining income tax (which is applied on the difference between income and expenses)", reported Nacion.com.
Grupo ICE, composed of the Costa Rican Electricity Institute (ICE) and its subsidiaries Radiográfica Costarricense (RACSA) and Compañía Nacional de Fuerza y Luz (CNFL), joined the Chamber of Information and Communication Technologies of Costa Rica (CAMTIC) as a strategic partner since June 2009.
Technisys is the omnichannel digital banking company. It offers technology solutions that allow banks to stand out through their customer experience, increase their sales and dramatically reduce their time-to-market when it comes to launching new financial services. Technisys culture lies on its innovation, its human capital talent and its vision of the future. The digital age represents an unprecedented growth opportunity for the financial service providers, and Technisys helps its customers to differentiate and capitalize it.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2256 7168
The Chamber of Information and Communication Technologies (CAMTIC for its acronym in Spanish) is a nonprofit private trade organization for IT companies representative in Costa Rica & Central America.
Operates in Costa Rica
Phone: (506) 22832205