An appeal by the private sector has been rejected and the Treasury will be able to require large taxpayers to be included in the AMPO system which contains information deemed sensitive.
From a statement issued by the Ministry of Finance:
The Ministry of Justice has finally decided in favor of the Tax Administration, in the process that the Chamber of Food Industry and several coadjuvants filed against the Scheduled Analysis Multifunctional and Target tool (AMPO).
In a seventh round of negotiations, an attempt will be made to lay the groundwork for an agreement that seeks to avoid damage to both countries.
If an agreement is not reached, Colombia will classify Panama as a tax haven, with a consequent increase in costs for bank transactions between the two countries, and exposing Columbia to the measures provided under Panama's Law of Retaliation.
More than 500 companies categorized as large taxpayers will be able to avoid providing sensitive information on themselves and third parties, such as suppliers and shareholders, to the Directorate General of Taxation.
From a statement issued by the Institute of Chartered Accountants of Costa Rica (CCPCR):
More than 500 large taxpayers could avoid being eligible for AMPO
Tuesday 14
Monthly income tax deductions for employees -
Deductions for capital income on property and goods (interest)
ISR Declaration on income from capital from property and goods (if not retained)
ISR Declaration on income from capital gains
Tax law experts will be gathering together in Panama City from 23 to 25 June to discuss issues such as tax planning and treatment of capital gains.
From a statement issued by the Tax Tribunal of Panama:
The Tax Tribunal informs that the IV International Congress of Tax Law: "Fundamental Rights and Taxation" will be held in Panama City from 23 to June 25, 2015.
Memorandum on submissions of tax reports for sales inventories up to June 30 to be handed in by taxpayers to the SAT before July 31, 2015.
Tax Memorandum of Tezó and Associates:
Article 42 of Decree No. 10-2012, and Article 32 of its Regulations regulate taxpayers in the Regime for Nonprofit Activities, must report to the SAT inventories for stocks available for sale as at 30 June December 31 each year.
The agreement signed with the Organization for Economic Cooperation and Development implies limitations on banking secrecy, and an obligation to exchange tax information.
From a statement issued by the OECD:
El Salvador joins international efforts to combat international tax evasion
01.06.2015 - El Salvador has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 86th signatory on the most complete international tool for boosting cooperation against international tax evasion.
A bill to improve the fight against tax fraud authorizes the tax authorities to seize the assets and bank accounts of delinquent taxpayers, without a warrant from a judge.
An article in Nacion.com reports that the Technical Services Department of the Legislative Assembly has proposed a rule that "... could affect property rights and the privacy of individuals because it would allow Taxation officials to take possession of any money deposited in bank accounts, income from salaries and pensions. " and all this "... without a warrant, the Tax Administration would be able to seize assets and enter business establishments."
The 100 largest taxpayers registered with the Ministry of Finance paid tax equivalent to 2% of their annual gross income.
Representatives from the department stated that they will start investigating some companies this year who have reported losses or very low taxation, "... and for that reason, asked for a refund of income tax (ISR). If the investigations show any irregularity, we will monitor this type of business, said Minister Carlos Caceres to Elmundo.com.sv. "
The Chamber of Industries in Costa Rica has filed an administrative appeal against the decision by the Treasury department to require major contributors to produce records of their shareholders.
From a statement issued by the Chamber of Industries of Costa Rica (ICRC):
Chamber of Industries files for judicial review against provision of information on shareholders
If the Treasury's proposal succeeds, interest on bank deposits would incur 8% to 15%, while for revenues generated by mutual funds, the tax would rise from 5% to 15%.
This unification is due to the fact that currently there are different taxes for similar types of income, therefore the tax is not neutral, according to the CEO of Taxation. In the case of surplus cooperatives and solidarity associations, the project proposes "...
The Tax Authority has announced the implementation of its program of massive audits of firms for March and April.
From a statement issued by the Superintendency of Tax Administration (SAT):
The Tax Authority within its functions to monitor compliance with tax obligations and billing for services and sale of products, is now conducting checks on billing and fixed points at different types of existing businesses.
Requests have been made for the clarification of which telecommunications services are to be taxed with VAT, since it is unclear whether it is information services or telecommunications which would be taxed.
Currently telecommunications services are charged sales tax, even though the Costa Rican government aims to close the digital divide. With this new reform proposal, a Value Added Tax (VAT) of 15%, "would be incurred ...
As part of the agreements signed between the two governments the elimination of double taxation has been established.
From a statement issued by the Government of Guatemala:
Within the framework of an official visit by President Otto Perez Molina which will took place on Friday, the Governments of Guatemala and Mexico signed the following bilateral agreements:
The Attorney General's Office is recommending to the Constitutional Court that it reject the appeal which seeks to outlaw the power of the taxation department to proactively collect tax debts.
The appeal to the Constitutional Court by a group of taxpayers is still under consideration by the judges and although there is still no resolution to this effect, the Attorney General of the Republic "...