The credit is for the purchase of a single piece of equipment whose price can not exceed $850.
With the new regulations to be included in the amendments to Bill 375, the General Directorate of Income is trying to alleviate the economic impact for micro businesses.
"... For entrepreneurs this is not an acceptable solution.
The former president of the Union of Micro, Small and Medium Enterprises, Elsa Guanti, said companies with revenues of less than $36,000 are not required to charge tax on transfer of property and services (ITBMS) and therefore it makes no sense that they be required to buy the fiscal machines", reported Prensa.com
Source: Prensa.com
More on this topic
August 2011
Companies whose distribution operations or sales are made through sales agents with assigned routes are excluded.
This exemption is valid until portable printers become available. The Internal Revenue Service will set the timeframe for their implementation. "However, the proviso is that the use of such equipment will not be required if the total daily turnover of each merchant is less than $300.
August 2011
Panamanian authorities have announced that the implementation of tax equipment in the province of Panama will be made gradually being completed by December 1.
A press release from the Ministry of Economy and Finance of Panama reads:
The implementation of fiscal equipment in the province of Panama will be made gradually, being completed by December 1, said Luis Cucalón, Director General of Revenue at the MEF, following the adoption in first debate on the draft law which amends some related tax measures in Law 76 of December 22, 1976 and Law 62 of October 15, 2010 by the Legislative Commission of Economy and Finance.
August 2011
Numerous outstanding issues remain regarding standards, short supply of some equipment, anticipated delays in software development and interconnection problems in B2B transactions.
A statement by the Panamanian Chamber of Commerce, Industries and Agriculture (CCIAP) announced it has requested “a phased implementation of the equipment, due to the complexity of its implementation.”
September 2011
In Panama, the state will assume the cost for fiscal printers for small businesses in the form of tax credits.
Panamanian businesses with turnovers of less than $36 thousand a year will have access to a tax credit for up to 100% of the value of the equipment. The credit is for the purchase of a single computer whose price can not exceed $850.
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