Initially the ordinary period to declare the beneficial owners of the companies was due on April 30, but the authorities decided to extend the deadline to May 31.
This declaration was to be submitted during the month of April; according to resolution N°DGT-ICD-R-06-2020, however, due to the state of emergency facing the country due to the Covid-19 pandemic, these institutions agreed to extend the deadline, in order to guarantee the fulfillment of this obligation and facilitate voluntary compliance, informed the Ministry of Finance.
For the possible commission of the crime of Tax Fraud, the Superintendence of Tax Administration intervened the commercial company J.I. Cohen.
The intervention was authorized by the Pluripersonal Court of First Criminal Instance in Tax and Customs Matters of the Municipality and Department of Guatemala, informed the Superintendence of Tax Administration (SAT).
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.
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.
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.
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.
For the first time, the country's Courts of Justice sentenced six people to 10 years in prison for tax fraud against the Public Treasury, a sentence that corresponds to the case of a clothing importing company that defrauded over $575,000.
Carlos Vargas, general director of Taxation, indicated that during 16 years the taxpayer who was condemned used all the procedural guarantees until the last instance.
In order to tax the total amount of profits of individuals or corporations based in Costa Rica, regardless of where their profits are generated, a bill was submitted to the Assembly that seeks to amend the Income Tax Law.
Currently in Costa Rica a territorial income system is applied, which consists of taxing profits produced exclusively at the local level. If the Income Tax Law is modified, the situation could change.
While the health emergency lasts in El Salvador, online purchases made by individuals from U.S. companies, which do not exceed $200, will not pay taxes.
In response to the outbreak of covid-19 in the country, the Law on Facilitation of Online Purchases was issued, which allows for the promotion and facilitation of the import of goods or merchandise of a non-commercial nature, i.e.
The National Assembly of Panama approved in second debate the draft law that extends the period of tax amnesty until June 30, 2020.
The initiative proposes that up to 85% of the total interest, surcharges and fines be recognized if payment is made after February 29, 2020 until June 30 of the same year, so that taxpayers may proceed to make their corresponding payments or credits.
In view of the emergency arising from the spread of covid-19, a bill was submitted to the Assembly proposing a 90-calendar-day suspension of the payment of municipal and national taxes.
The initiative also establishes the suspension for 90 days of the payment of electricity and drinking water, as well as mortgage and personal loans, among others, reported the National Assembly.
The Legislative Assembly approved in second debate a bill that aims to tax in the country the sale and self-consumption of imported or locally produced cement.
The initiative, which was approved in the first debate in the Assembly in mid-February and is still pending approval by the Executive Branch, establishes that the tax will be on imported cement produced nationally, in bags or in bulk, for sale or self-consumption, of any kind, whose destination is the consumption and marketing of the product nationally.
The Assembly approved in first debate a bill that seeks to tax the sale and self-consumption of cement that is imported or locally produced.
The initiative establishes that the tax will be on cement imported and produced nationally, in bags or in bulk, for sale or self-consumption, of any kind, whose destination is the consumption and marketing of the product at the national level, reported the Legislative Assembly.
In order for Guatemalan producers to compete under the same conditions as neighboring countries, the government is preparing a bill that seeks to exempt agricultural inputs from VAT.
The initiative, known as the "Fiscal Equity Law", is being prepared by the Ministry of Agriculture, Livestock and Food (Maga), because, according to the institution's top official, other Central American countries do not charge value-added tax (VAT) on agricultural inputs.