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ITBMS - Coggle Diagram

- - - - They are included in the concept of transfer of tangible assets, operations such as:
        
        The sale, exchange, dation in payment, contribution to companies, assignment or any other act, contract or convention that has the purpose stated above.
        
        The impact on the use or personal consumption of the assets of the sole proprietorship, of the companies or entities with or without legal status, by the owner, partners, directors, legal representatives, dignitaries or shareholders.
        
        Contracts of promise of sale with transfer of possession of the asset.
        
        The awards to the owner, partners and shareholders that are made as a consequence of the definitive closure of the company, total or partial dissolution and definitive liquidations of commercial, industrial or service entities.
        
        b. The provision of all types of services by merchants, producers, industrialists, professionals, lessors of goods and service providers in general, excluding those of a personal nature that are provided in a dependency relationship.
        
        Operations such as:
        
        Carrying out works with or without delivery of materials.
        
        Intermediation in general.
        
        The personal use by the owner, partners, directors, legal representatives, dignitaries or shareholders of the company, of the services provided by it.
        
        The leasing of real and personal property or any other convention or act that implies or has the purpose of giving the use or enjoyment of the property.
      - Paragraph 2. The obligation to pay this tax arises in accordance with the following rules:
        to. In the transfer of goods, at the time of billing or delivery, whichever occurs first of the aforementioned acts.
        b. In the provision of services, with any of the following acts, whichever occurs first:
        
        Issuance of the corresponding invoice.
        
        Termination of the service provided.
        
        Receipt of total or partial payment for the service to be provided.
        
        c. On importation, at the time of the customs declaration-liquidation and, in any case, before its introduction into the fiscal territory of the Republic.
        d. In the case of the personal use or consumption of the owner or partners of the company, the legal representative, dignitaries or shareholders, at the time of the withdrawal of the good or at the time of its accounting, whichever occurs first.
        
        Paragraph 3. The taxable events indicated in Article 1057-V and in Paragraph 1 of this, are affected with this tax when they are carried out in Panamanian territory, regardless of the place where the contract was entered into and the domicile, residence or nationality of those who have intervened in the operations, except as provided in paragraphs 7 and 8.
- - - - Paragraph 11. The taxpayer who, within the legal term granted in paragraphs 9, 9-A and 10 of this article, does not present the return-liquidation and pay the corresponding tax.
        
        The late payment in question will cause the interest provided by Article 1072-A of the Tax Code, from the moment the tax caused had to be paid.
        
        After sixty (60) days, it will be understood that the taxpayer incurs in the typifications indicated in paragraph 4 of paragraph 20 or in paragraph 3 of paragraph 21.
        
        Paragraph 12. In the sworn statements - settlements, the taxpayer will determine the tax for the difference between the debit and the tax credit.
        to. The fiscal debit will be constituted by the sum of the taxes paid in the taxed operations of the calendar month.
        b. The tax credit will be made up of:
        
        The sum of the tax included in the purchase invoices made in the domestic market for goods and services corresponding to the same period, provided that they comply with the requirements set forth in paragraph 13 regarding documentation.
        
        The tax paid in the referred period due to the importation of goods.
        
        The tax credit deduction will be conditioned to the fact that it comes from goods or services that are affected, directly or indirectly, to the operations taxed by the tax.
        
        Paragraph 13. The deductions to which the taxpayer is entitled can only be made when the input tax has been charged by invoice or equivalent document which must necessarily include:
        to. Your name or company name and the verification digit assigned to you by the General Directorate of Income.
        b. The name or company name and the Unique Taxpayer Registry (RUC) number of the transferring natural or legal person or service provider.
        c. The tax caused, which will be consigned separately from the tax base.
        d. The date, place, object, term and amount of the transaction.
        
        Paragraph 14. In the cases that in a certain period the taxpayer, after carrying out the liquidation, finds a credit in his favor, he will impute the same to the subsequent fiscal periods.
        
        Paragraph 15. The General Directorate of Income, as the administrative office of this tax, is empowered to:
        to. Enable state institutions to function as collecting offices.
        b. Require taxpayers to use special books or records that facilitate examination.
        c. Require taxpayers to enable and register their invoices in the offices of the General Directorate of Revenue, as well as any other document or form that they use in the development of their activities.
        d. Authorize special procedures to implement operations taxed with this tax when, in his opinion, this authorization facilitates the normal development of the activities that the taxpayer develops and that, at the same time, allows adequate control by the General Directorate of Revenue.
        
        Paragraph 16. The General Directorate of Revenue will issue Certificates of Cancellation Power at the request of taxpayers who, by virtue of carrying out activities considered export, re-export or assimilated to these by this Law, when when paying the tax they determine an excess of tax credit from the ITBMS paid in imports and included in the documentation of internal acquisitions.
        
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