Costa Rica: From OECD "Black List" to "Gray List"Tuesday, April 7, 2009 For this to occur, it was enough to send a letter to the OECD, agreeing to adopt the international standard for the exchange of tax information. Following the decision by the G20 to act against nations that fail to cooperate in the international exchange of tax information in their last meeting in London, Costa Rica had to act quickly to get out of the "black list" of countries that were not committed to adopting this standard. Panama: Electronic Invoicing Comes Into EffectFriday, July 1, 2016 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." Nicaragua Must Prepare for FATCATuesday, September 24, 2013 The measures taken by the U.S. Treasury to pursue American tax evaders affect about 150,000 bank customers in the country. In late April 2014, financial institutions must adhere to U.S. Treasury Department because in June the names of entities who have signed up to the requirements of FATCA will be published, and inclusion in that list will be a requirement for external funding sourced by that country. Panama: "Flat-Tax" Won't Be Over 30%Monday, November 16, 2009 The tax reform bill includes the creation of a 'flat-tax' scheme, which would come into effect in 2010. This tax will replace the Alternate Income Tax Calculation, lowering the tax burden for individuals and businessmen, argued Dulcidio De La Guardia, finance vice minister. Panama: More Time to Declare IncomeFriday, July 29, 2016 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: Panama: Online Tax PaymentsTuesday, April 29, 2014 A new system to make tax payments to the Treasury will come into operation on June. E-Tax 2.0 is the name which the national authority of public revenue (ANIP) has given to the new on line system which will connect to 10 banks, crossing with tax information and will allow requests to be made and follow up given on tax procedures. Consulting Firm to Provide Equipment for Tax Control SystemTuesday, January 24, 2012 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: Increase in Panama's Fiscal EffeciencyWednesday, July 13, 2016 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: How to Make Money Denouncing Tax EvadersMonday, July 21, 2014 In Panama Law 31 of 2009 empowers the tax authorities to pay a reward of 25% of any amount that the State manages to raise as a result of a complaint about tax evasion. In his opinion article in Prensa.com, Osvaldo Lau said that the business of organizing offices that ".... are dedicated to tax allegations ... have thrived in other jurisdictions, so it would not be " ... Tax Reform Proposal in PanamaMonday, February 23, 2009 Lawyers, economists and tax specialists discuss this proposal, focused on the adoption of a "flat tax" to replace the current tax system. The proposal was initiated by Ricardo Martinelli, the presidential candidate that leads public opinion surveys regarding voting preferences, and, according to what was reported by Marianela Palacios in an article in Prensa.com, “[this proposal] implies a reduced ISR rate for the businesses of a current 30% rate to 10% or 15%, limits deductions and eliminates a series of subsidies and fiscal exonerations, even those banking-related." Tax Data: Agreement Between Costa Rica and the U.S.A.Tuesday, August 25, 2020 In order to update the Intergovernmental Agreement for the Effectiveness of the Tax Compliance Law on Foreign Accounts, signed by both parties in 2013, the governments of both countries signed a complementary agreement to FATCA. According to the Ministry of Finance of Costa Rica, with the subscription of the complementary agreement, the legal basis of the FATCA (Foreign Account Tax Compliance Act) will be updated with the provisions of the Agreement with the Government of the United States of America for the exchange of information on tax matters, which will enter into force next September. Soft Drinks: Extension for Tax PaymentThursday, January 9, 2020 Until January 13, 2020, the Sworn Declaration of Liquidation of the Selective Consumption Tax on Soft Drinks may be presented in Panama, corresponding to November 2019. Law 114 dated November 18, 2019, which entered into force on November 19, 2019, establishes a new rate for the Selective Excise Tax on Soft Drinks, which is why the e-Tax 2.0 system was modified. Panama: Transfer Pricing ForumFriday, February 8, 2013 Analysis of the new requirement by the Department of Revenue, which requires taxpayers to report transactions with related companies. A statement from the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) reads: Tax Amnesty to Reactivate the EconomyTuesday, February 16, 2021 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. Agreement in the G20 Against Tax AvoidanceTuesday, October 13, 2015 The G20 finance ministers gave full support to the project that would prevent corporate profits from "disappearing" or being artificially transferred to jurisdictions with low or no taxation. 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