The law approved in the second debate establishes procedures and dates by which taxpayers may assert their tax rights.
From the National Assembly of Panama press release:
January 21st, 2019. After introducing new modifications, Law 692, by means of which the Tax Procedure Code is adopted, was approved in the second debate.
The regulation was on the agenda for the third debate, but was returned to the second debate in order to make new reforms as a result of the consensus between the benches and the Ministry of Economy and Finance.
Calendar of payments of obligations corresponding to December 2018 and tax memorandum on the data update before the Superintendence of Tax Administration.
Tax calendar of obligations corresponding to December 2018:
Friday, 14th
Monthly Income Tax withholdings for Employees
Friday, 14th
Withholdings on income from real estate and furniture (interest)
Calendar of payment of obligations corresponding to the month of July 2018 and tax memorandum on the classification as an expense of the ISO when it is paid extemporaneously.
From a memorandum by Tezó y Asociados:
In the course of 2017 and so far in 2018, the Superintendency of Tax Administration-SAT- has published on its website newsletters entitled "Institutional Tax Criteria" stating that it is doing so in order to facilitate compliance with theobligations of taxpayers.For this purpose, it is conducting dialogues with the participation of taxpayers, Audit Firms, Law Firms, etc.In one of those meetings, the participants presented, according to the respective bulletin, their differentpositions, doubts, comments and observations regarding the operation of the Solidarity Tax Solidarity -ISO- mainly in terms of its form of accreditation and the most frequent cases in which different points of view and criteria have been given by theparticipants.As a result of this activity, the SAT issued the Institutional Tax CriteriaNo. 3-2017 with the title "Forms of Accreditation of Solidarity Tax.
The amendment to the Tax Code, partially approved by Congress, omits the concept of "global income", and establishes "territorial income".
Latribuna.hn reports that "...The Bill for a new Tax Code was drafted by the government, employers and a sector in the social economy, and during the dissemination it was said that the change to "Territorial Income represents a setback in the fight against capital flight."
Absence of initiatives to cut spending and lack of dialogue with the business sector are the main criticisms of the tax reform bill proposed by the Executive Power.
In addition to the expected impact on the productive activities that will be affected, such as mining, one of the criticisms of the project is the absence of issues related to transparency in the use of resources, a key issue after the corruption cases revealed in 2015.
The analysis made by Fusades concludes that the bill aiming to collect tax debts allows assets to be seized before it has been proven that there is a real debt.
From a report by the Salvadoran Foundation for Economic and Social Development (FUSADES):
On April 6, 2016, the Minister of Finance submitted to the Legislature, with instructions from the President of the Republic and making use of the bill bestowed by the Constitution, a draft "Law for the collection of tax debts and fines owed to the State", consisting of 109 articles, divided into five titles.The project is still under study by the Commission of Treasury and Budget of the Legislative Assembly.
A bill being promoted by the government to fight tax evasion involves the creation of a centralized register of shareholders with information on the final beneficiaries of companies.
The business sector does not look kindly on the creation of a centralized register of shareholders, as it would legally oblige companies to disclose sensitive information regarding shareholders when the Directorate General of Taxation requires it.
Less complex administrative systems and a simplified tax system are the requests made by the private sector to the government in order to improve the country's competitiveness.
In order to improve competitiveness and the business climate, the Honduran Council of Private Enterprise has asked the government to simplify the tax code and streamline public procedures.
Companies indicted by the Tax Administration for not paying taxes will be able to use tax solvency certificates allowing them to access credit, sell property and take part in public tenders.
An article in Laprensagrafica.com reports that "... The judges on the Administrative Board of the Supreme Court of Justice (CSJ) ordered the approval of documents that allow a business to present itself as a solvent (no outstanding tax to pay) to other entities."
The National Revenue Authority plans to raise $400 million from taxpayers who will be allowed to regularize their tax status under the Tax Adjustment Act.
Prensa.com reports that "In addition to the so-called regularization or tax amnesty, the law establishes a moratorium for taxpayers who are delinquent in any taxes administered by the Anip. The persons (natural or legal) may pay the debt, free of fines, surcharges and save 25% on the interest earned. "
The suits citing unconstitutionality presented in Guatemala against the tax reform have caused irrecoverable losses to government coffers.
The head of Collection at tax authority SAT said that " the reform does not only include income tax (ISR)" and noted that the Constitutional Court (CC), among other resolutions, suspended the collection of a 5% tax on the first registration of tractors (Iprima).
In Costa Rica a new tax reform package includes an attempt to reduce state expenditures by 1% of GDP.
The Finance Minister Edgar Ayales, outlined to Elfinancierocr.com to the details of a new attempt to correct the deficiencies of the Costa Rican tax system, while curing the problems in public finances.
Ayales justifies the need for the approval of this tax reform, saying that "The short-term contingency measures that have alleviated the fiscal deficit have all been used up.”
Business associations have submitted a constitutional complaint against the tax package approved by the government of Guatemala.
The Chamber of Commerce of Guatemala (GCC), the Chamber of Agriculture (Camagro) and the Guatemalan Association of Exporters (Agexport), have joined together in order to find a solution to the inconstitutionalities which they allege exist in the new tax rules.