Panama: List of Those Exempt From Using Tax Printing Machines

Following the approval of Law 72 of September 27, it is important to verify which are the activities which are exempted from the obligation to use the fiscal printing equipment.

Tuesday, October 4, 2011

An opinion piece in, notes and comments on companies that, in principle, are not required to use computers for billing tax.

1 .- Agricultural activities in general, if the taxpayer does not receive gross annual revenues exceeding $250,000.

2 .- The transfer of real estate property and personal property to be stated by means of public deeds.

3 .- Public transport services by land, air and sea passengers, whether domestic or international.

4 - Freight services for petroleum products (congratulations to theses privileged people, since there is no valid justification);

5 - Services provided by banks and other financial institutions, leasing companies, investment funds, credit banking institutions or financial trusts governed by special laws for cooperatives, savings institutions and funds, pension retirements and social security institutions and savings and loans.

6 - Operations on stock and share exchanges, authorized to do so.

7 - Services under the labor dependency ratio.

8 - Activities of the liberal arts professions, arts and crafts, performed independently or through civil societies.

9 - Sales activities or services by vendors who do not use motor vehicles.

10 - Leasing of real estate contracts notarized or registered in the Miviot, and where the property is managed by its owner.

11 - Collection of maintenance fees for co-owners associations of horizontal projects. (The exemption is lost when you have other income such as rental of areas for advertising, events and installation of satellite communication);

12 - Reimbursable expenses for commission agents who are not tax receipt documented.

13 - Institutions, associations and nonprofit associations authorized by the DGI to receive deductible donations;

14 - Institutions who ensure compliance with building regulations, navigation, pollution prevention and safety of merchant ships, passenger transport, leisure, scientific research, work, oil exploration, "and international traffic drilling "(sic) approved by the Maritime Authority of Panama.

15 - Hostels with no more than seven quarters.

16 - Any other activity which in the opinion of the DGI should be exempt from the use of tax equipment.

Temporarily exclusions from the use of tax equipment are granted to the providing services sold by street vendors who used motor vehicles and "gas stations" (sic), while there are no portable fiscal printers in Panama.

More on this topic

Tax Changes in Costa Rica

March 2012

Already approved in the first instance, the draft Law on the Solidarity Tax involves substantial changes which will in general raise taxes on productive and commercial activities.

An article in reviews the main consequences of the adoption of the fiscal plan.

Panama: Fines for Customers Who Do Not Insist on Receipts

October 2011

The new law requiring the use of fiscal printers also establishes penalties for consumers who do not ask for receipts, ranging from $1 up to 7% of the purchase.

Inspectors from the Internal Revenue Service (DGI) will randomly monitor the required proofs of purchase.

Luis Cucalón, head of the DGI, "...

Tax Equipment to be Deployed Progressively

August 2011

Panamanian authorities have announced that the implementation of tax equipment in the province of Panama will be made gradually being completed by December 1.

A press release from the Ministry of Economy and Finance of Panama reads:

The implementation of fiscal equipment in the province of Panama will be made gradually, being completed by December 1, said Luis Cucalón, Director General of Revenue at the MEF, following the adoption in first debate on the draft law which amends some related tax measures in Law 76 of December 22, 1976 and Law 62 of October 15, 2010 by the Legislative Commission of Economy and Finance.

Panama: More Sectors Exempt From Use of Fiscal Printers

August 2011

Companies whose distribution operations or sales are made through sales agents with assigned routes are excluded.

This exemption is valid until portable printers become available. The Internal Revenue Service will set the timeframe for their implementation. "However, the proviso is that the use of such equipment will not be required if the total daily turnover of each merchant is less than $300.

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