The Executive Directorate of Revenue has announced that as part of the changes in the audit and tax collection it will oversee the transfer prices of companies headquartered abroad.
In addition to the implementation of electronic billing and other changes that aim to improve the supervision of tax collections, the Executive Directorate of Revenue (DEI) has announced that foreign companies or Honduran companies whose headquarters are outside of the country must report in detail their transfer prices.
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.
Companies with over $5 million a year now need only send to the Municipality of Panama a list of their commercial suppliers.
The measure which required companies to verify that their suppliers were complying with the payment of taxes and which generated a lot of opposition in the private sector in Panama City will be suspended by Mayor Jose Isabel Blandon.
For the second time the president of the Central Bank is proposing the elimination of bank secrecy so that cross-checks can be carried out in order to control tax evasion and increase tax revenues.
Just eight months ago, the president of the Central Bank insisted in Congress on the need to eliminate bank secrecy in order to minimize tax evasion and improve tax collection.
Printing of various tax documents must be done using printers previously authorized by the Executive Directorate of Revenue.
Raising revenue, regulating printing documents and reducing tax evasion, is the aim of the Directorate of Revenue (DEI) with the implementation of a new system for authorization of printing tax registration documents directed at the 400 print shops that registered in the census in 2013, who design and print invoices, receipts, bills of exchange and checks.
Extraordinary measures announced by the tax authorities will focus on reviewing withholding tax, declarations and verification of income tax.
Verification of statements of withholding agents, recalculation of retention for taxpayers with incomes over $3.886, monitoring omissions and frequent verification of cases of taxpayers of the higher tax interest, are part of the measures to be applied to the deficit of $87 million resulting from the last collection period.
An announcement by the SAT relating to audits on quarterly income tax payments and payment schedule of obligations corresponding to April 2014.
Tax Memorandum May 7-14 2014
Quarterly income tax payments and supervision of the Superintendency of Tax Administration (SAT):
The SAT has recently announced that it will oversee statements on Quarterly Payments of ISR, especially the deductibility of expenses and is also asking for integration of expenses reported as nondeductible.
An announcement has been made that greater control will be exerted in verifying payments of income taxes by large taxpayers.
Due to the decline in revenue from income tax and irregularities in the internal collection agency, the Directorate of Revenue has announced it will increase controls on businesses.
In an article on Latribuna.hn Miriam Guzman, head of the institution, "emphasized that the auditing by the DEI, will not decrease, while at the same time business owners are being invited to "avoid having to be objects in criminal prosecutions led by the relevant authorities."
The new government has announced that it will focus on controlling evasion by large taxpayers, professionals and payment of sales tax.
The Citizen Action Party of President-elect Luis Guillermo Solís, is working on a proposal to stop tax evasion, focusing on what are considered the three main evaders: large companies, independent professionals and those who do not pay sales tax.
The Tax Authority has started a campaign to control trade in general.
The Superintendency of Tax Administration (SAT) is launching the Massive Fiscal Presence plan to verify tax obligations, under which 200 auditors will make visits to various production facilities. The aim is to check that these are complying with their tax obligations.
In order to check the results declared at the close of 2013 the Treasury has expanded powers to obtain information from taxpayers.
An article in Nacion.com by Oscar Rodriguez reports that "In this period, which ends Sept. 30, the Treasury may apply for the first time in a full fiscal year, the rules given in fiscal transparency laws and strengthening tax management, approved in September 2012.
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