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.
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.
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.