In Panama, the General Revenue Directorate (DGI) announced that it will suspend corporations that for the term of three consecutive years or more, have not made the payment of the single tax.
According to the General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF), the authorities are currently updating the list of legal entities in arrears for three consecutive years or more in the non-payment of the single tax, pursuant to the provisions of Article 318-A of the Tax Code.
The Legislative Assembly is preparing to consider, in the first debate, a bill aimed at exempting inactive companies from the obligation to file an income tax return.
The file of this legislative proposal is number 22,307 and was presented by Deputy Pablo Heriberto Abarca. The initiative will be discussed in the Assembly, despite the opposition of the Ministry of Finance.
In the first nine months of 2019, 4,715 companies were closed, 13% more than the total number of companies closed during the whole of 2018, which could be because of the entry into force of the Personal Income Tax Law.
Since 2017, the year in which the Corporate Income Tax Law came into force, the number of corporations that closed their operations in the country began to increase.
Companies that have been dissolved by the National Registry of Costa Rica for being delinquent in the payment of the tax to legal entities can liquidate their assets, despite being inactive.
The National Registry clarified that the assets of the 265 thousand companies that were dissolved were not canceled, what remains in relation to them are collateral goods or mortgages, which means that the owners can dispose of them by means of a process of liquidation.
The National Registry of Costa Rica has announced that it will dissolve companies that have not paid tax to legal entities for a period equal to or greater than three years.
From a statement issued by the College of Accountants:
August 2017.Next Friday, September 1, the collection of the Tax on Legal Entities will be reactivated, this tax applies to all types of commercial companies, such as Limited Liability Companies, limited partnerships, collectives, individual limited liability companies, and others.
The annual amount of the tax to be paid by legal entities starting from September 1 varies between 15% and 50% of the base salary, depending on the type of company.
From a statement issued by the Ministry of Finance:
On Friday, September 1, the collection of the new Tax on Legal Entities begins, and the collection, administration, control and collection will be from the Ministry of Finance, as of this year, according to Law 9428 that creates this Tax.
From September 1 to December 1, is the timeframe for companies to make use of an amnesty to regularize the payment of corporation tax.
Corporations that are behind in payments of the tax from the periods of 2012 to 2015 can apply for the amnesty and pay only the principal of the debt.
The Registry Office of Legal Entities of the National Registry confirmed to Nacion.com that"... the benefit will be maintained for a period of three months, i.e. the deadline is December 1, as defined by the Tax Law on Legal Entities. "
Approval has been given to the law which levies an annual tax on legal persons of between $119 and $394, depending on whether or not the company is active and the income generated.
Companies must re-pay the tax in July, as the government has announced plans to publish the law this month.Once published, the law would enter into force three months later.
Through a constitutional ruling, corporation tax will not be incurred by corporations, Limited Liability companies, Collectives, Individual Limited Liability Companies and branches of foreign companies.
From a statement issued by the Institute of Chartered Accountants in Costa Rica:
January 2016. Income tax for legal persons (known as Corporation Tax) for this year was suspended by a decision of the Constitutional Court which declared unconstitutional Articles 1, 3 and 5 of the 9024 Tax Act on legal persons, reported the Institute of Chartered Accountants in Costa Rica.
With the new bill the aim is to redeploy the payment of corporation tax, which was declared unconstitutional and suspended in January.
The new initiative seeks to resurrect the creation of the tax, fees and penalties, redefining the criteria for their application. However, there are Members who do not support this measure, who assert that is mostly affects small and medium enterprises.
A ruling by the Constitutional Court has declared the tax on corporations illegal, starting from 2016, but companies must pay for the fiscal year 2015, which ends of on January 31.
From a statement issued by the Constitutional Chamber of Costa Rica:
By Vote No. 2015-1241, the Constitutional Chamber, by a majority declared as unconstitutional fundamental articles of the Law on Taxes on Corporations No.
Jan. 31 is the deadline in Costa Rica for the annual payment of the corporation tax.
Companies which are active must pay an amount of ¢189,700 colones ($378) and inactive companies will pay the amount of ¢94,850 ($189).
The Banco de Costa Rica, which is the concessionaire institution for the collection of this tax, announced that from the beginning of the year it will be receiving the tax payments, up until 31 January, the date from which it a late fee of ¢54 (just over $0.11) will be charged.
The Supreme Court has rejected a constitutional challenge filed by employers against the 1% tax levied on companies' gross revenue.
Latribuna.hn reports that "In April last year, Congress approved the legislation which amended Article 22 of the Income Tax Act, to improve government revenues, and the decree was issued on 31 May 2011 in the official Gazette. "
The deadline for dissolution of corporations so as not to be taxed this year has passed; those who have not done so can start the process now in order to be exempt from future taxes.
Any legal entities that are dissolved from now on will have to pay the tax for the year when they begin the process of dissolution.
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According to an article in Nacion.com, "The LIP [Ley de Impuesto a las Personas Jurídicas or Law on Taxes for Legal Entities] also amended Article 129 of the Notarial Code, allowing notaries to handle the liquidation of commercial companies when the solution is unanimously agreed by its partners.
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