Regulations for the Production of Artisan Cosmetic Products in Panama
30/11/2021
New Accounting Records Requirements in Panama
02/12/2021[vc_row][vc_column][vc_column_text]
Law 254 of November 11, 2021 establishes additional requirements regarding the accounting records that legal entities must keep.
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The Republic of Panama, through Law No. 52 of 2016 (the “Law No. 52”), established the requirement that every legal entity (public limited companies, limited liability companies and private interest foundations) is required to keep accounting records and maintain supporting documentation for a minimum period of five (5) years.
Recently, the aforementioned Law No. 52 was amended by Law 254 of November 11, 2021 (the “Law 254”), establishing additional requirements regarding the “accounting records” that legal entities must keep. Below, we ask some questions that help us explain the amendments to Law No. 52:
What is the main amendment to Law No. 52 introduced by Law No. 254?
The obligation is established that the accounting records that must be kept and maintained by legal entities must be provided to the resident agent , for safekeeping, no later than within four (4) months following the expiration of each fiscal year, that is, no later than April 30 of each year. That is, the accounting records as of December 31, 2021, must be delivered to us no later than April 30, 2022, and also at the expiration of subsequent fiscal years.
Accounting records may be provided to the resident agent in original or copy and will be kept by the resident agent in a confidential manner, unless required by a competent authority of the Republic of Panama, in accordance with applicable laws.
Where can the original accounting records be kept?
The original accounting records may be kept by the legal entity anywhere in the world or in Panama under the custody of the resident agent. If the original accounting records are kept outside the offices of the resident agent, the legal entity is required to inform the resident agent, annually and in writing, of the name and contact information of the person who keeps the original accounting records and supporting documentation in his/her custody, as well as the physical address where they are located.
¿Qué son registros contables según la Ley N° 52?
Se entiende como registros contables aquellos que indiquen de forma clara y precisa las operaciones, tanto contables como financieras, de la persona jurídica, sus activos, pasivos y patrimonio, así como que sirvan para determinar la situación financiera con exactitud razonable en todo momento y permitan la elaboración de estados financieros.
¿Qué tipo de registros contables debe mantener las personas jurídicas?
A. Las personas jurídicas que se dediquen exclusivamente a ser tenedoras de activos, tales como inmuebles, acciones, cuotas de participación, cuentas bancarias y/o cuentas de inversión, entre otros, deberán proveer como registros contables, un documento que contenga la siguiente información:
- El valor de los activos;
- Los ingresos que generan dichos activos; y
- los pasivos relativos a dichos activos.
La información podrá suministrarse con la entrega anual al agente residente de un balance general que contenga el monto del activo, pasivo e ingresos de la persona jurídica relativos al periodo fiscal anterior.
B. Las personas jurídicas que se dediquen a la compraventa de títulos de crédito y valores de carácter público o privado, para lucrarse en su reventa o por cualquier otro medio de especulación mercantil, deben entregar:
- El estado de cuenta del custodio; o
- El balance general de la persona jurídica.
C. Las personas jurídicas que realicen actos de comercio fuera de la República de Panamá deben entregar:
- Un diario y un mayor.
¿Qué empresas están exceptuadas de proveer los registros contables o copia de los mismo al agente residente?
Se exceptúan de la obligación de proporcionar anualmente al agente residente los registros contables o copia de los mismos, las siguientes personas jurídicas:
- Personas jurídicas listadas en una bolsa de valores local o internacional reconocida.
- Personas jurídicas que sean de propiedad de un organismo internacional o multilateral o de un Estado.
- Personas jurídicas que sean armadores o fletadores de naves inscritas exclusivamente bajo servicio internacional de la Marina Mercante de la República de Panamá.
- Personas jurídicas que realicen operaciones comerciales dentro de la República de Panamá.
¿Qué es documentación de respaldo conforme a la Ley N° 52?
Documentación de respaldo se define como aquella que incluye los contratos, facturas, recibos y/o cualquiera otra documentación necesaria para sustentar las transacciones realizadas por una persona jurídica.
¿Cuáles son las consecuencias para una persona jurídica en caso de no suministrar el original o copia de los registros contables al agente residente en tiempo oportuno?
The resident agent must report such fact to the regulatory body and such non-compliance could result in: (i) fines to the legal entity of US$5,000.00 to US$1,000,000.00; (ii) the suspension of the corporate rights of the legal entity; and (iii) the impossibility of registering any type of document in the Public Registry and obtaining certificates issued by said Registry. In addition, the resident agent is obliged to resign as such with respect to the legal entity that fails to comply.
How long should accounting records and supporting documentation be kept in the event of dissolution?
In the event of dissolution, the accounting records and supporting documentation or their respective copies corresponding to the five (5) years prior to the registration of the dissolution must also be maintained by the legal entity and be available for a minimum period of five (5) years from the registration of the dissolution.
For any additional information or assistance you require regarding accounting record keeping requirements , please feel free to contact us at the following email address: [email protected] .
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