In Panama, the General Revenue Directorate (DGI) announced that it will suspend corporations that for the term of three consecutive years or more, have not made the payment of the single tax.
According to the General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF), the authorities are currently updating the list of legal entities in arrears for three consecutive years or more in the non-payment of the single tax, pursuant to the provisions of Article 318-A of the Tax Code.
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.
In Panama, 13,775 corporations were registered in the country during 2019, 4.6% more than those reported in 2018.
The most recent figures from the Office of the General Comptroller of the Republic detail that between 2018 and 2019, the number of corporations registered in the country grew by 4.6%, from 13,171 to 13,775.
Regarding dissolved corporations, it reported a drop for the years in question, from 7,760 in 2018 to 6,162 in 2019, equivalent to a reduction of 21%. In the case of merged companies, there was also a decrease of 15%, from 353 to 299.
In Panama, during the first eleven months of 2019, 12,763 corporations were registered in the country, 4% more than those reported in the same period of 2018.
The last report of the General Comptroller of the Republic details that between January and November 2018 and the same period in 2019, the number of corporations registered in the country increased from 12,272 to 12,763.
During the first nine months of 2019, 10,476 corporations were registered in Panama, 3% more than those reported in the same period of 2018.
The latest report of the General Comptroller of the Republic details that between January and September of last year and the same period of 2019, the number of corporations registered in the country went from 10,146 to 10,476.
In the first nine months of 2019, 4,715 companies were closed, 13% more than the total number of companies closed during the whole of 2018, which could be because of the entry into force of the Personal Income Tax Law.
Since 2017, the year in which the Corporate Income Tax Law came into force, the number of corporations that closed their operations in the country began to increase.
In Panama, during the first four months of 2019, 4,314 corporations were registered in the country, 8% less than those reported in the first quarter of 2018.
The latest report of the General Comptroller of the Republic details that between the first quarter of last year and the same period of 2019, the number of corporations registered in the country went from 4,692 to 4,314.
During the first three months of 2019, 3,128 anonymous corporations were registered in the country, 12% less than those reported in the first quarter of 2018.
The most recent report of the General Comptroller of the Republic details that between the first quarter of last year and the same period of 2019, the number of corporations registered in the country went from 3,543 to 3,128.
In Guatemala, a new entity was created called Sociedad de Emprendimiento, whose registration cost will range between $128 and $192 and will be available as of the first quarter of 2019.
The Ministry of Economy is working to make the procedure, which will be established within the Regulation of the Law for Strengthening Entrepreneurship, available to interested parties for the first quarter of next year.
Companies that have been dissolved by the National Registry of Costa Rica for being delinquent in the payment of the tax to legal entities can liquidate their assets, despite being inactive.
The National Registry clarified that the assets of the 265 thousand companies that were dissolved were not canceled, what remains in relation to them are collateral goods or mortgages, which means that the owners can dispose of them by means of a process of liquidation.
The National Registry of Costa Rica has announced that it will dissolve companies that have not paid tax to legal entities for a period equal to or greater than three years.
From a statement issued by the College of Accountants:
August 2017.Next Friday, September 1, the collection of the Tax on Legal Entities will be reactivated, this tax applies to all types of commercial companies, such as Limited Liability Companies, limited partnerships, collectives, individual limited liability companies, and others.
Approval has been given to the law which levies an annual tax on legal persons of between $119 and $394, depending on whether or not the company is active and the income generated.
Companies must re-pay the tax in July, as the government has announced plans to publish the law this month.Once published, the law would enter into force three months later.
The Constitutional Chamber has granted approval for the Assembly to adopt, in full, the bill proposing a tax on legal persons which was approved in a first debate in January this year.
The judges of the Constitutional Court found no flaws in the text of the law, giving endorsement to the Legislative Assembly so that it can approve it on a second reading and pass it into law.
The law passed in first debate establishes an annual tax of between $119 and $394, depending on whether the company is active or not and the amount of income generated.
The bill was approved this morning in the first debate, and resources that are collected will be used, only this once, for hiring police officers.
The Congress of Costa Rica has been inspired by the famous tango Cambalache and now those who "work day and night like an ox are the same as those who live off other people, those who kill are the same as those who cure, or those who live outside the law..."
EDITORIAL
The Costa Rican Legislative Assembly has given final approval to a bill that clears the records of crimes committed by people after they have served their sentences. Until now, criminal records have only been "cleaned" after 10 years have passed since the sentence was carried out.
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