They are 163 companies whose annual revenues in 2015 exceeded $10 million and who will retain a percentage of ITBMS from their suppliers of goods and services.
From a statement issued by the Ministry of Economy and Finance:
The Directorate General of Revenue (DGI), through Resolution No.
A bill being promoted by the Executive branch establishes penalties of between $500 and $10,000 for private entities that fail to provide information as requested.
From a statement issued by the Presidency of Panama:
Reaffirming a commitment to protect the platform of logistics and financial services, the Government of the Republic of Panama has approved a bill creating a regulatory framework for implementing the Exchange of Information for tax purposes and other provisions.
Incorrect balances in the accounts of taxpayers are preventing the system from providing the "Paz y Salvo" (Safe and sound) certificate required for transactions with state institutions.
Companies claim that the appearance of false outstanding debts in their accounts has prevented them from receiving "...the "Paz y Salvo" document, needed to formalize the sale of land or businesses, collect payment when a company is a state supplier or participate in public tenders. "
The Maritime Chamber of Panama has asked for a suspension of a new rate of $10 for every passenger and crew member who embarks and disembarks at any port or air facility in the district of Colon.
The Mayor of Colon has put in place a"... rate for the use, cleaning, and security services in airport and seaport terminals, in the district of Colon, amounting to the sum of ten dollars (b / .10.00) for all travelers, transit passengers, and crew who embark and disembark at any port or air facility in the district of Colon, and also dicated other provisions."Seeagreementin La Gaceta.
Due to a 12% increase in revenue in the first half of 2016 the fiscal deficit of the nonfinancial public sector fell by 80% compared to the same period in 2015.
From a statement issued by the Ministry of Economy and Finance:
The Minister of Economy and Finance, Dulcidio De La Guardia, presented today at a press conference the results of the Fiscal Balance of the Nonfinancial Public Sector (NFPS) and the Central Government, for the first half of 2016, highlighting a significant reduction in the deficit, which went from 647 million dollars in the first six months of 2015 to 129 million in the same period this year, representing a reduction of 519 million or 80.2%.
Nicaragua is the only country in the isthmus that was left out of the list of countries that meet the "minimum requirements" for fiscal transparency, according to the State Department.
The "Fiscal Transparency Report 2016" by the US State Department, includes Guatemala, Costa Rica, Panama, Honduras and El Salvador in the list of countries which meet the minimum requirements for fiscal transparency, which the State Department bases on the public availability of information on the state budget and government contracts and tenders for the exploration and exploitation of natural resources, including methods of tendering and conditions for concessions.
Due to the implementation of a new tax system, the government has postponed until August 31 the deadline for filing tax declarations and reports which were due on July 31.
From a statement issued by the Ministry of Economy and Finance:
The Directorate General of Revenue (DGI) at the Ministry of Economy and Finance wishes to reiterate to all taxpayers that because of the implementation of the new tax information system e-Tax 2.0, official financial statements and reports that were due for submission on July 31 may be submitted until August 31, 2016.
The agreement signed by the governments will be formalized in August in the city of Hanoi.
From a statement issued by the Ministry of Foreign Affairs:
The Republic of Panama and the Socialist Republic of Vietnam initialed an agreement on Friday to avoid double taxation, which will be signed by the appropriate authorities in the city of Hanoi in August.
The government has informed the OECD of its intention to join the Convention on Mutual Administrative Assistance in Tax Matters.
From a statement issued by the Ministry of Foreign Affairs in Panama:
After a thorough analysis of international expectations regarding the best national interests and extensive consultation with members of the private sector that are involved in CANDSIF, Panama informed the Organisation for Economic Co-operation and Development (OECD) of its intention to be part of the Convention on Mutual Administrative Assistance in Tax Matters (known as "MAC").
Optimization of the DGI's management practices has been cited as the cause of the 14.3% increase in tax revenue collection in the first half of the year.
From a statement issued by the Ministry of Finance:
The collection of tax revenue for the first half of the year increased by 14.3% compared to the same period in 2015, according to the latest preliminary report released today by the Directorate General of Revenue (DGI) at the Ministry of Economy and Finance (MEF).
Negotiations have started to implement an agreement on information exchange and tax cooperation.
From a statement issued by the Ministry of Economy and Finance in Guatemala:
The Government of the Republic of Panama and the Kingdom of Belgium have agreed to begin negotiations on an instrument to facilitate the exchange of tax information between the two countries as part of the country's commitment to expand cooperation in tax matters which already includes negotiations with countries such as Germany, Japan and Singapore, among others.
Starting July 25 all tax returns must be made through the new digital system, e-Tax 2.0.
The resolution published in the official newspaper La Gaceta states that"... all taxpayers and users of the computer system e-Tax Tax 2.0 are given notice, that the only way to submit declarations is through the internet."
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. ' "
The agreement approved by the Legislative Assembly of Costa Rica states that information will be exchanged independently of whether the conduct under investigation constitutes an offense or not.
From a statement issued by the Legislative Assembly of Costa Rica:
Deputies approved in the process of a second debate, record 18840, Approval of the agreement between the Republic of Costa Rica and the Republic of Ecuador on exchange of information in tax matters.