The Cabinet Council has approved sending a bill that creates the obligation to maintain accounting records for legal entities that do not have operations in Panama.
The bill submitted days ago by the Executive establishes penalties ranging from suspension of corporate rights to the dissolution of the company in cases where there is failure to comply with the payment of taxes and presentation of accounting information. The project also obliges companies to keep accounting records for registered companies, even if they do not have operations in the country.
The Monetary Board has issued regulations governing the registration of local rating agencies, and the requirement for all financial institutions to be qualified.
In addition the Monetary Board (MB), published the regulation on Concentration in Contingencies and Investments as well as issues related to the operating permits for offshore entities, regulations that are part of the changes made to the Banking Act and financial groups that were in effect before April 1.
In recent years, the choices in geographic locations have increased dramatically, and it is no longer enough to provide technological infrastructure, tax breaks and skilled workers.
The number of countries capable of hosting BPO operations to service the off-shoring market is constantly growing, and competition among them to attract foreign direct investment services (FDI) is getting tougher every year.
KC Public Accounting is a full service public accounting firm. We are a member firm of RSM International which expands our reach and capacity to help you with your specific business needs.
Operates in El Salvador
Phone: (503) 25349944