Panama: Change in Income Tax Payments
Given the failure of the monthly payment system, income tax payments will be made in three installments a year and will be calculated using estimates.
Tuesday, July 3, 2012
According to an article in Prensa.com "With this move the government recognizes the failure of an unwieldy mechanism and that has not generated the expected revenues. Tax consultant Osvaldo Lau said that ‘the aim was to improve cash flow, but the exercise failed, because the absolute value of tax revenues did not meet expectations. '"
The bill provides that no amounts may be deducted from VAT on purchases, and increases the tax base for the payment of income tax.
A draft submitted by the Executive aims to reform six laws in order to increase tax revenues.
The Superintendency of Tax Administration of Guatemala has reported revenues of Q10 billion ($ 1.27 billion) in 2011, a record in the collection of income tax.
Employees with annual revenues exceeding $11,000 can deduct from their income tax payments medical bills and interest payments on non preferential mortgages.
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