Jump to content
Sign in to follow this  
Bud

Electronic Filing of Tax Documents -- Huh??

Recommended Posts

Quote

Electronic Invoicing in Panama

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.

Thursday, June 2, 2016

Through a direct recruitment process the 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. ' "

Source: Prensa.com

http://www.centralamericadata.com/en/article/main/Electronic_Invoicing_in_Panama

Share this post


Link to post
Share on other sites

Methinks this electronic filing mandate applies only to businesses who are required to pay their ITBMS taxes on a periodic basis.

If someone is more knowledgeable and willing to share what this is really about, I am sure all CL members would appreciate it.

P.S., the news article was very poorly formatted on the source website. I took the liberty of cleaning up many formatting problems, but the basic content was not changed, only formatting was cleaned up.

Quote

Panama: Electronic Invoicing Comes Into Effect

Starting July 25 all tax returns must be made through the new digital system, e-Tax 2.0.

Friday, 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."

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."
 
The resolution adds that   "...Submission of declarations of income, will still be governed by Resolution No. 201-60 of January 4, 2012 and Resolution No. 201031 of January 2, 2013. "

See resolution (in Spanish).
 

http://www.centralamericadata.com/en/article/main/Panama_Electronic_Invoicing_Comes_Into_Effect

Share this post


Link to post
Share on other sites

These two topics were merged into one. I believe they are talking about the same subject. If someone can clarify please post here.

Share this post


Link to post
Share on other sites
Quote

Panama: More Companies to Withhold ITBMS

The obligation to retain part of the tax on the transfer of movable property and provision of services now extends to companies whose annual purchases exceed $5 million.

Monday, July 3, 2017

Since February last year, 163 companies have had to withhold a percentage of ITBMS from their suppliers for purchases of goods and services, and then send it to the tax authorities along with their monthly tax return. 

Prensa.com explains that now,   "... through executive decree 128, retainers are defined as companies that make annual purchases of $5 million or more. A subsequent resolution by the DGI designated 175 new companies as retention agents as of August 1 of this year."

"... By extending the companies that retain and remit the ITBMS to the treasury, the DGI hopes to increase its collection capacity. Publio Cortés, general director of Revenue, said that not only does retention result in more collection but the most important thing is that with the mechanisms we have incorporated a large number of taxpayers who previously were under the radar."

http://www.centralamericadata.com/en/article/main/Panama_More_Companies_to_Withhold_ITBMS

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×