The Directorate General of Revenue has announced that companies with tax debts more than twelve months old will be included in a list which will be published in March.
The Directorate General of Revenue has announced that it will publish, in the course of this month details of, "... taxpayers who have had outstanding accounts with the institution for more than a year." This measure is a result of low tax revenues being reported since late 2014.
Once it has been enacted by the executive, the moratorium law will be in effect until the last working day of the year and can be exercised by taxpayers who are in arrears up until September 30, 2014.
The law which provides exemptions from penalties, interest or fines was approved on its third reading by the National Assembly of Panama and will become effective one day after its enactment.
July 15 will see the opening of the registration process for banks to comply with the Law on tax compliance for accounts abroad, adopted in 2010 by the U.S.
This law will affect banks' relations with the so-called "U.S. persons" worldwide. "Since mid-July, therefore, banks may finalise the agreement with the IRS (Internal Revenue Service, an organization equivalent to the Department of Revenue) to be part of the law-abiding entities", reported Prensa.com.
Income accrued up to September rose by 20% compared to the same period last year, totaling $4.3 billion, representing a surplus of 5.9% above budget.
A statement from the Department of Revenue reads:
Current Income:
Current revenue collected in the month of September totaled B/.605 million, exceeding by B /. 148.7 million (32.6%) the budget for the period and registering a growth of B /.
The credit facility for tax equipment may be used for paying taxes to the Internal Revenue Service of Panama, with the exception of ITBMS.
The article in Prensa.com by Osvaldo Lau C, states that "In general, the tax rules regarding tax equipment grant the right to receive a credit equal to fifty percent (50%) of the total value of each new computer or up to $700 (B /.
The period of recognition of tax credits for the purchase of the new fiscal printers has been extended until February 26, 2013.
The deadline, which was the first of October, has again been extended by the Department of Revenue (DGI).
"In Resolution No. 201-11275 of 25 September 2012, which is recorded in Official Gazette No. 27,131, all taxpayers are reminded that for obtaining fiscal printing equipment there is an entitlement to a credit corresponding to the equivalent of 50% of the purchase or up to $700 and similarly 100% up to $850 for taxpayers [natural or legal persons] in their whose business sales are not above $36,000.
In addition to a return to the system of estimated income, modifications have also been made to preferred shares, private foundations, and import taxes.
A bill which will shortly be submitted by the Ministry of Economy and Finance (MEF) contains changes "related to Monthly Advance Income Tax (AMIR), preferred shares, the flat tax for private foundations and taxes on import of electronic equipment and related supplies", said the that head of the Directorate General of Revenue (DGI), Luis Cucalón, according to Capital.com.pa.
As a result, the mall will pay $2.2 million more in taxes.
The lot of the shopping complex is located in one of the most valuable areas of Panama City. It was originally valued at $13 million, but the Asset Management Department at the Ministry of Finance has reviewed the registry value of the lot and increased it to $231.2 million.
As a result, the mall will pay $2.3 million on the 1% property tax, as opposed to the previous $113,000.
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, "... chose not to reveal the number of inspectors who will be monitoring consumers, but said in a recent press conference that traders who do not have a fiscal printer, as established by Law 72 of 2011, will be fined by the DIG, with penalties ranging from $1000 to $5000, for the first offence. After that, repeat offenders, failing to comply will be treated more harshly", reported Panamaamerica.com.pa.
In Panama, the state will assume the cost for fiscal printers for small businesses in the form of tax credits.
Panamanian businesses with turnovers of less than $36 thousand a year will have access to a tax credit for up to 100% of the value of the equipment. The credit is for the purchase of a single computer whose price can not exceed $850.
The deadline for bringing into force use of the printers was initially set for September 30, 2011, but it has since been modified and now depends on the province and the type of machine, with the April 2012 being the ultimate deadline.
Panamanian businesses with turnover of less than $36 thousand a year will have access to a tax credit for up to 100% of the value of the equipment.
The credit is for the purchase of a single piece of equipment whose price can not exceed $850.
With the new regulations to be included in the amendments to Bill 375, the General Directorate of Income is trying to alleviate the economic impact for micro businesses.
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.
The Internal Revenue Service (DGI) has added controls in order to increase revenues by chasing evaders and offenders.
Capital.com.pa 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 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 Laestrella.com.pa.
The economic crisis is being reflected in lower wine and jewelry consumption, while basic item consumption is increasing.
The General Directorate of Revenue (DGI) reported a decrease in the collection of the selective consumption tax for items such as: Jewels and weapons, down by 70%; imported cigarettes, down by 22% and liquor and wines, down by 10%.