The Superintendency of Banks in Panama has added special reviews of financial institutions announcing that fines for infringers will reach up to $1 million.
From a statement issued by the Superintendency of Banks of Panama:
We inform you that starting from November 18, 2014, we are operating a special program of inspections of banks, in order to verify compliance with the established regime to prevent services being improperly used for the offense of money laundering, financing terrorism and other related crimes or those of a similar nature or origin. This program is an additional measure to the inspections made by the Superintendency .
The Legislative Assembly of El Salvador has approved a temporary law which allows debtors to the state to apply for a payment plan of up to six months.
Debtors who request the payment plan within 90 days can enjoy this benefit which exempts them from penalties and interest. This decree is intended for individuals and businesses that have experienced conflict in paying the taxes required by law.
The Costa Rican State insurance company will have to pay $174,000 as a penalty for "improving any offer made by their competition to their customers."
The Antitrust Commission imposed a fine of 94 million colones ($174,000) on Instituto Nacional de Seguros (INS) in a case reported by the Superintendent of Insurance in 2011, a year after the opening up of the market.
The campaign against property being rented out for tourism purposes establishes penalties with fines ranging from $5000 to $50,000 for those who promote and commit the crime.
The Tourism Authority of Panama (ATP) has opened up a communication channel for businesses and individuals to report cases of houses rented to foreign tourists in the capital, in compliance with Law 80 prohibiting this activity.
A waiver of fines, interest and penalties will apply starting June 12th and will run for 90 days for all taxpayers, both natural or legal persons.
Government Agreement No. 174-2014 published in Diario de Centroamérica:
"Article 7. Transient. Regularization. Taxpayers from the term of this Agreement, who elect to regularize operations or modify the method of recording costs and expenses, under this agreement, though the application of the special treatment provided therein and who owe taxes or formal sanctions, may enjoy exemptions from penalties, interest or surcharges in the method set out in this article. "
Increased fines, opening of bank secrecy and imprisonment are some of the changes that have been included in the regulations since April.
From a statement issued by the Institute of Chartered Accountants of Costa Rica (CCPCR):
May, 2014. Since last April the Regulation Tax Procedures, went into effect which aims to regulate the changes suffered by the Code of Norms and Tax Procedures Law 9069 (Law for Strengthening Tax Management) in force since 28 September 2012, with i9ncreases in the penalties and periods of limitation for taxpayers who have inconsistencies in their tax declarations.
On December 2nd the amendments to the law that regulates the processes for entry and exit of goods into the country will take effect.
From a press release published in Diario de Centro América:
Decree 14-2013 of Congress, National Customs Act, published today in the Diario de Centro América, will take effect on 2 December and contains in its articles customs procedures and supplementary provisions, administrative offenses and sanctions, with the aim of regulating the entry and exit of goods in Guatemala.
The company was fined $759,924 for failing to petition the Salvadorian Superintendency of Competition to approve to purchase of nine service stations.
In addition to the financial penalty, the Superintendencia de Competencia (SC) demanded that the company submit within 30 days an application to follow the procedure which should have been done in the beginning.
The aim of the new rule is to prevent bias in the interpretation of the Act and the application of sanctions.
From a press release issued by the Congress of Guatemala:
With the main purpose of overcoming the difficulties in foreign trade and generating greater competitiveness, agility, controls, service improvement and increased social benefit, the National Assembly has passed decree 14-2013, National Customs Act in one discussion and with the status of national emergency.
Entrepreneurs and drivers and transporters indicate that there are a lot of inconveniences in the customs office at Port Corinto.
Truckers for example, complain of constant fines, confiscation of vans and goods without any legal reason. They are also required to pay for stays in the harbor of Punta Icaco because front loading machines are only available at night.
The Salvadoran Superintendence of Competition has fined the company $75 thousand for not giving complete information and not including VAT on the unit selling price of gas cylinders.
"... TROPIGAS committed an administrative offense defined in article 38 paragraph 6 of the Competition Act, having provided in an inexact manner the information required in the process of preliminary proceedings initiated in May 2011 in the gas market," reported Elsalvador.com article.
The exemption of fines for customs offenses will be extended, for the sixth time, until December 15.
The exemption which was to expire on 15 September will be extended until 15 December.
"We are extending the agreement because there is a new Intendent of Customs and we do not want to generate distortion in operations. We believe this will be the last extension to be given," said Pavel Centeno, Minister of Finance, yesterday.
In order to check the results declared at the close of 2013 the Treasury has expanded powers to obtain information from taxpayers.
An article in Nacion.com by Oscar Rodriguez reports that "In this period, which ends Sept. 30, the Treasury may apply for the first time in a full fiscal year, the rules given in fiscal transparency laws and strengthening tax management, approved in September 2012.
The Sutel has fined the company and given them a month to stop providing the service, for offering Internet services outside of the law.
The Superintendency of Telecommunications (Sutel) sanctioned the company IBW Comunicaciones, which provides mobile internet services under the brand name Japi, with a fine of $38,000 and ordered it to suspend services within one month.