Aggressive Tax Collection Campaign in Panama

The Internal Revenue Service (DGI) has added controls in order to increase revenues by chasing evaders and offenders.

Wednesday, February 9, 2011 state in their article that, "Preliminary investigations show that there are cases of companies that have been double billing and creating dubious loss statements, among other things, which is at odds with good corporate practices, giving a reason for DGI to implement the measures allowed by law."

The intensity of actions by the DGI is consistent with funding requirements in order to meet the ambitious investment plan set by the Martinelli administration.

The writer warns that DGI's actions should have the right balance so as not to affect the business climate and not serve as a means of harassment to political or business opponents, insisting that "Businessmen and citizens must be vigilant and report any abuse attempts."

More on this topic

Panama: New Electronic Billing System

November 2015

Preparations are being made for a billing system which will allow companies to file reports digitally and in real time, replacing the tax printers implemented by the Martinelli administration.

The DGI has announced to the private sector that the new system is intended to streamline sales reports to the Treasury by large enterprises, in addition to ending the "... complications caused by use of fiscal printers".

Guatemala: Insistence on Elimination of Bank Secrecy

June 2014

For the second time the president of the Central Bank is proposing the elimination of bank secrecy so that cross-checks can be carried out in order to control tax evasion and increase tax revenues.

Just eight months ago, the president of the Central Bank insisted in Congress on the need to eliminate bank secrecy in order to minimize tax evasion and improve tax collection.

Guatemala: Tax Controls Tightened

May 2014

Extraordinary measures announced by the tax authorities will focus on reviewing withholding tax, declarations and verification of income tax.

Verification of statements of withholding agents, recalculation of retention for taxpayers with incomes over $3.886, monitoring omissions and frequent verification of cases of taxpayers of the higher tax interest, are part of the measures to be applied to the deficit of $87 million resulting from the last collection period.

Tax Evasion Could Be Worth $500 Million in Panama

August 2010

The country's tax revenue service (DGI) calculates that between $300 and $500 million worth of tax goes unpaid each year.

The deployment of new technologies is one of the ways the DGI is looking to improve tax collection.

"Luis Cucalón, DGI director, comments that the exact amount of sales tax (known as ITBMS in Panama) evasion going on is difficult to estimate but that is precisely the reason for requiring the use of cash registers with fiscal printing capability," reports

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