Asset Declarations When Leaving Panama

Travellers leaving the country must declare if they have money or securities worth more than $10 thousand, a measure that until now has only been required when entering the country.

Friday, August 12, 2016

From a statement issued by the National Customs Authority:

At a press conference held at the headquarters of the National Customs Authority, the Director General Jose Gomez Nunez, unveiled to the media and the country in general, the adoption of Resolution No.297 of July 8, 2016, by which a new design and new content is given to the declaration form known as 'Declaración Jurada del Viajero' which must be completed by all passengers entering or leaving the country.
 
The new feature of this resolution, is that previously this form only had to be filled out by people entering the country, but from now on it must also be filled out by travelers leaving "through points enabled for foreign trade in the customs territory, declaring under oath information relating to money, securities or documents or other valuables being carried with them or in their luggage which together exceed the value of ten thousand balboas and 0 cents. (B / 10,000.00) as well as goods," according to  the wording of the new legal provision adopted by the National Customs Authority.



More on this topic

Losses due to Customs bureaucracy

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With the entry into force of the Single Central American Declaration, businessmen in the region report losses because of the delays generated by the implementation of the new system in the import and export processes.

At the end of March, a report was made that the Council of Economic Ministers (COMIECO) agreed to postpone to May 7, 2019, the entry into force of the Single Central American Declaration (DUCA), which had initially been set for April 1, 2019.

Customs of Costa Rica: More Controls on Invoicing

August 2014

The Ministry of Finance has announced improvements made to online consultations on the value of the declared goods which aims to reduce underreporting by 20%.

From a press release issued by the Ministry of Finance of Costa Rica:

In order to establish better controls for imported goods, the Customs Service, at Ministry of Finance has intensified and integrated software tools which will allow for a more efficient and effective application of the control instruments on the declarations on the entry and exit of goods.

Nicaragua: Changes in Declaration of Income Tax

March 2014

A controversial clause which invalidated the right to deduct anticipated monthly minimum payments in settlement of income tax has been removed from the declaration form.

After receiving criticism from the private sector and experts claiming that the amendment violated the tax law, the Directorate General of Revenue (DGI) has removed from the tax form the check box that did not recognize the right of deduction of anticipated minimum monthly payments in settlement of income tax (IR).

Costa Rican Imports: What, Who and How Much

July 2010

The website of the Treasury Ministry now provides easy accessible data on the imports done by companies.

Users may now query the Customs Information Technology System (TICA) through the web address http://www.hacienda.go.cr/tica/Consultas/. This system was conceived to modernize the operation of the country’s customs.

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