The deadline for the sworn declaration of accounting records has been extended again.
Through the Official Gazette, published on December 30, 2024, the deadline for resident agents to submit to the DGI the sworn declaration of accounting records for certain legal entities has been extended.
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Law No. 446 granting a moratorium
October 31, 2024 What you should know about Law No. 446, which grants a tax moratorium for the payment of national taxes. 1. It grants a moratorium period until December 31, 2024, for the payment of interest and surcharges incurred on the following taxes: notice of […]
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MORATORIUM BILL / QR CODE BILLING METHOD
October 18, 2024 MANDATORY CERTIFICATION We reiterate our commitment to publicly displaying the Certification of Systems According to the Billing Method (QR Code) for all commercial or service activities. This obligation has been in effect since June 2022. We must also remind you that there are penalties […]
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Check the update of your NIT
October 17, 2024. For security reasons, the General Directorate of Revenue has disabled the Tax Identification Numbers (TINs) of some taxpayers. We suggest you check the TINs of some of your companies or individuals to determine if they are among those disabled. If so, it is […]
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What you should know about invoicing in Panama
What you should know about invoicing in Panama September 17, 2024 Invoicing in Panama has evolved as the General Directorate of Revenue (DGI) seeks to regularize taxpayer billing. If you use Fiscal Teams, you should know that: Individuals and legal entities that have not been included in […]
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AVOID PENALTIES OR FINES FOR NOT COMPLYING WITH THE FOLLOWING OBLIGATIONS RELATED TO FISCAL EQUIPMENT
The following points can result in fines averaging B/.1,000 each if not addressed promptly: BILLING METHOD CERTIFICATION Taxpayers are required to obtain a systems certification based on the billing method the company is using. This certification must be posted in a visible location. This certification […]
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NEW MORATORIUM LAW – “CATCH UP”
New Moratorium and Other Property Tax Exemptions The Legislative Branch approved a new moratorium and other property tax exemptions. This law also includes other provisions. Waiver of fines, surcharges, and interest. 100% tax amnesty on interest and surcharges on outstanding balances. To qualify for this benefit, the […]
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Electronic Invoice – New List of Reportable Jurisdictions
Migration to Electronic Invoicing The General Directorate of Revenue has regulated, in Resolution No. 201-5617 of June 15, 2023, the procedure for users of fiscal equipment (fiscal printers, fiscal cash registers) who are migrating their invoicing to the Panamanian Electronic Invoicing System (SFEP). Taxpayers who begin […]
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Expiration of Transfer Pricing Form or Form 930
What you should know! The Transfer Pricing Report submission deadline is June 30, 2023, for companies whose fiscal year ended December 31, 2022. To comply with the obligations regarding transfer pricing transactions, companies that maintain transactions with related parties in the […]
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Penalties for Non-Submission of Form 03 Are Modified
Details of New Sanctions Through Official Gazette 29770-A, Resolution No. 201-3486 of April 17, 2023, was published, detailing the amount of fines for late filing of Form 03. In its first article of Resolution No. 201-3486 of April 17, 2023, modifications are made to the […]
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