President Laurentino Cortizo sanctioned Law 208 of April 6, 2021, which extends until December 31 of this year the validity of the tax amnesty, which initially arose in 2019.
With this initiative of the Executive, enacted in Official Gazette and which is part of the Economic Recovery Plan (phase 1), taxpayers will have until August 31, 2021 to make payments or enter into payment arrangements with respect to tax obligations not fulfilled until January 31 of this year, official sources informed.
As part of the process of digitalization of tax procedures, as of July 1, 2021, taxpayers who register with the Superintendence of Tax Administration will be added to the Online Electronic Invoice regime.
Data from the Superintendence of Tax Administration (SAT) show that as of March 2021, 265,620 taxpayers had already registered in the Online Electronic Invoice (FEL) regime.
The National Assembly approved in third debate the bill that extends until December 31 of this year the validity of the tax amnesty, which initially arose in 2019.
The extension of a fourth General Tax Amnesty, which arose in 2019, approved, in third debate, the National Assembly and represents a savings of US$29 million to taxpayers, says an official source.
Chang y Compania and Mag Alcoholes, are two companies that during March were audited by local authorities, after the detection of the possible crime of tax and customs fraud.
Representatives of the Superintendencia de Administración Tributaria (SAT) informed that on March 10, the Juzgado Pluripersonal de Primera Instancia Penal en Materia Tributaria y Aduanera ("Pluripersonal Court of First Criminal Instance in Tax and Customs Matters") ordered the intervention of the company Mag Alcoholes, and on March 22, the Juzgado Quinto de Primera Instancia Penal ("Fifth Court of First Criminal Instance") ordered the intervention of the warehouse Chang y Compania.
In Panama, the General Revenue Directorate (DGI) announced that it will suspend corporations that for the term of three consecutive years or more, have not made the payment of the single tax.
According to the General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF), the authorities are currently updating the list of legal entities in arrears for three consecutive years or more in the non-payment of the single tax, pursuant to the provisions of Article 318-A of the Tax Code.
In order to reactivate the Panamanian economy that has been damaged by the outbreak of covid-19, the Ministry of Economy and Finance will present to the National Assembly a bill to extend the tax amnesty and approve new tax relief measures.
The Cabinet Council, led by President Laurentino Cortizo Cohen, authorized, today, the Minister of Economy and Finance, Hector Alexander to present to the National Assembly, the bill extending the tax amnesty, as well as new tax relief measures with a view to reactivate the national economy, explains an official document.
By submitting to the Costa Rican Legislative Assembly a new text of the dual global income bill, the Alvarado administration intends to guarantee the tax exemptions that companies operating in the free trade zone regime already benefit from.
The dual global income bill that was sent last January 22 to the Assembly created confusion among the deputies.
In order to force companies to comply with the payment of taxes on sales made through electronic channels, as of June 2021 SAT will begin to use a digital platform that will analyze the information that appears on social networks.
The restrictions on mobility decreed during 2020 due to the outbreak of covid-19 and the change in consumption habits, boosted the growth of online sales in the Guatemalan market.
As of January 1, 2021, owners of homes whose construction value exceeds the equivalent of $217,000 will have to pay the tax known as the "luxury home" tax.
The modification of the minimum amount was communicated through the executive decree that was published on December 22 in the newspaper La Gaceta. With these changes, between 2019 and 2020 the minimum value of the properties that are subject to this tax was increased from $213,751 to $217,015.
The Legislative Assembly is preparing to consider, in the first debate, a bill aimed at exempting inactive companies from the obligation to file an income tax return.
The file of this legislative proposal is number 22,307 and was presented by Deputy Pablo Heriberto Abarca. The initiative will be discussed in the Assembly, despite the opposition of the Ministry of Finance.
After the announcement of the intention to increase the tax on the distribution of cement and fuel in Guatemala, businessmen believe that in this scenario of incipient economic recovery it is not a good idea to increase the tax burden.
In order to face the effects of the economic crisis generated by the covid-19 outbreak, Guatemalan authorities are already beginning to discuss the fiscal policy to be applied in 2021.
In this scenario of economic crisis, falling tax revenues and the need to finance recovery programs, in Guatemala and Costa Rica it is already proposed to increase current taxes and create new ones.
Guatemalan authorities are already beginning to discuss the fiscal policy they will apply in 2021, when the economy will have to face the effects of the economic crisis generated by the covid-19 outbreak.
In order to access the $1.75 billion credit requested from the IMF, the Costa Rican government proposes to tax financial transactions, increase the tax on the profits of companies and individuals, and increase the tax on real estate.
On the afternoon of September 17, and in the context of a severe economic crisis that had been going on since before the beginning of the pandemic, the Alvarado administration presented the plan with which it intends to mitigate the fiscal impact of the Covid-19 crisis, a proposal to negotiate an agreement with the International Monetary Fund (IMF) to obtain a credit of $1.75 billion.
In Costa Rica, the Alvarado administration would be considering the creation of a tax on each transaction that a person or company makes through a financial entity, a tax that will discourage savings and motivate people to use cash.
In order to discuss a medium and long term credit with the International Monetary Fund, the Costa Rican authorities would be planning to design and create a new tax, which consists of each person paying a tax of ¢3 for every ¢1.000 in the transactions they make through a bank, finance company, mutual fund, stock exchange or any other financial entity.
Despite a severe economic crisis, Costa Rican authorities have approved the imposition of a 1% VAT on several foodstuffs in the basic food basket, and 4% on certain tourist activities and construction services.
Before the emergence of the pandemic, the Costa Rican economy was already in a difficult state, and the impact of the covid-19 outbreak ended up hitting it in the worst way, which is evident in the performance of productive activity.