A contract has been awarded for the design and implementation of an electronic billing system that automates the process of reporting taxes and tax collection.
Through adirect recruitmentprocessthe Directorate General of Revenue (DGI by its initials in Spanish) has selected Centro Interamericano de Administraciones Tributarias (CIAT) to design and implement an electronic billing system for the country.
Prensa.com reports that "...The contract, published in PanamáCompra, is valued at 2.2 million dollars and seeks to "strengthen controls and fiscal intelligence aimed at reducing levels of non-compliance, tax evasion and fraud," according to a document signed by Publio Cortés, Director General of Revenue. "
Regarding the future of fiscal printers implemented during the Martinelli administration, Cortes told Prensa.com that"...'In other countries where the experiences of implementing electronic invoicing have been successful, fiscal equipment coexists with electronic invoicing, especially in those segments where controls on billing are more efficient through use of this equipment, such as sales to end consumers.Other countries have implemented a process of progressive replacement of equipment with electronic tax invoices.In the case of Panama, this decision must be evaluated in due course in order to determine what would be best according to the characteristics of the Panamanian market. ' "
Preparations are being made for a billing system which will allow companies to file reports digitally and in real time, replacing the tax printers implemented by the Martinelli administration.
The DGI has announced to the private sector that the new system is intended to streamline sales reports to the Treasury by large enterprises, in addition to ending the "... complications caused by use of fiscal printers".
In light of the failure of the first draft of the tax reform, the Government has announced more taxes, the end of exemptions on luxury goods and tax on remitted abroad.
After the defeat of the so-called 'Solidarity Tax Act' in the country's Supreme Court, the Government has been forced to re-do their fiscal and tax plans and launch a new legal package in Parliament.
On Friday January 20th Resolution No. 201-940 was adopted, which extends the deadline for the recognition of tax credit for the purchase of fiscal equipment.
A statement from the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) reads states that “The CCIAP is calling on the corporate sector to apply the tax credit before the deadline.
Panama is calling for expressions of interest for providing the design and operation of a computer system to control fiscal equipment.
According to a publication in Panamacompra.gob.pa:
The Republic of Panama, through its Ministry of Economy and Finance (MEF) has received financing from the Inter-American Development Bank (IDB) and intends to apply part of the funds to execute a program for strengthening fiscal management.
Starting on Friday November 18, the Panamanian provinces of Colon, Cocle and Chiriqui will begin implementing the use of fiscal printers for tax purposes.
A press release from the Ministry of Economy and Finance of Panama reads:
Starting on Friday November 18, the provinces of Colon, Cocle and Chiriqui will begin implementing the use of cash registers which are not connected to any computer applications.
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.
The Panamamiam Chamber of Commerce, Industries and Agriculture held a fourth "Information Forum" on Wednesday, October 19, 2011 on "amendments to the law on tax equipment."
From the press release:
Information Forum on "Tax Equipment"
(Panama, October 6, 2011). The Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), aware of the impact that the implementation of tax equipment being managed by the Internal Revenue Service (DGI), will be performing on Wednesday, October 19, 2011 the 4th "Information Forum " on "amendments to the law on tax equipment" aimed at entrepreneurs, accountants and technical personnel, to further expand the information on this subject to member companies and members of our institution.
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.
Those not providing them may be fined, as will consumers, who must insist on them.
As part of measures taken to reduce tax evasion, the government has recently amended a law of March 8, 2010, through which businesses are obligated to issue receipts and deliver them to buyers.
In turn, purchasers must take possession of them in order to avoid being punished by fines ranging from $1 up to 7% of the invoiced amount.
Equipment manufacturers and software developers will meet in the Chamber of Commerce, Industries and Agriculture of Panama.
A statement from the CCIAP reads:
• The Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) encourages all businesses, unionized or not, to comply with state obligations, and believe that this regulation requiring the implementation of fiscal equipment is a positive one.