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Latin America Investment News on Viva Tropical

Panama Revamps Tax Authority

Article Summary:

To promote a more consistent approach to regional tax issues, and to ensure uniformity in the treatment of taxpayers by local authorities, Panama will form a new National Revenue Authority.

Photo Credit: CNN

Original Article Text From Tax News:

Panama Reforms Tax Authority

Panama’s National Assembly has approved Law No. 566 for the creation of a new National Revenue Authority, which will be granted broader powers and its own legal personality, separate from the Government, to ensure that tax administration is objective, transparent and more efficient.

The National Revenue Authority (ANIP), which will replace the current Department of Revenue (DGI), will be responsible for the recognition, collection, investigation and enforcement of taxes, Director General of Income, Luis Cucalon explained at the parliamentary session.

The legislation provides ANIP with a wide range of enforcement powers to better deal with violations of the nation’s tax laws. ANIP is mandated to act only on behalf of the National Treasury, rather than any other state institution, when deciding whether to impose sanctions for non compliance, he said.

To promote a more consistent approach to regional tax issues, and to ensure uniformity in the treatment of taxpayers by local authorities, ANIP will house a department dedicated to overseeing provincial tax matters, working in partnership with other departments dealing with federal tax issues. Cucalon emphasized the change to the authority’s structure would serve to foster regional development.

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