DGI: More Than 60% of Verified Businesses do not Comply with Billing Regulations

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DGI: More Than 60% of Verified Businesses do not Comply with Billing Regulations

 December 8, 2024

In October and November, the DGI reported that it imposed fines of $469,700.

During the months of October and November, inspectors from the General Directorate of Revenue (DGI) carried out inspections at 1,024 businesses to verify compliance with billing regulations, whether on fiscal equipment or through electronic invoicing.  Of these establishments, 629 failed to comply with the provisions, which represent 61.4% of the businesses inspected. As a result, the DGI imposed fines totaling $469,700 during the aforementioned period, the institution reported in a statement.  Among the aspects reviewed are the visibility of the “Request your Invoice” sign and the certification of the billing system used by taxpayers. In addition, it is verified that businesses that use fiscal equipment issue their daily reports and that electronic transactions are recorded on time.  Fines for non-compliance can range from $500 to $1,000, and for repeat offenders, can reach amounts of $5,000 to $10,000.  The main objectives of the DGI are to administer the tax system to collect taxes, fees and contributions destined for the National Treasury, as well as to combat tax evasion and interpret tax laws.

https://newsroompanama.com/2024/12/08/dgi-more-than-60-of-verified-businesses-do-not-comply-with-billing-regulations/