CPA Data Panama is currently the best software for keeping offshore company accounting. Its use has increased noticeably since Panama approved the project for Law 624, 2021. This program is easy to install and simple to use on a computer. It offers various benefits, for both businesses and for the resident Agent of said company.
The new accounting for Panama’s offshore companies
The legal setting for Panama’s offshore companies is a little more complex now. The approval of the project for Law 624, 2021, obligates all offshore companies, property holdings and inactive companies that don’t carry out operations in Panama to present their accounting. This project will become law before the end of this year. Then, offshore companies will have barely six months to have all of their documentation ready.
Law 624 arrives in a context in which Panama has received new threats from the International Financial Action Task Force. Faced with the fear of being included on the “blacklist”, the Panamanian authorities opted to increase control over offshore companies.
Those companies that carry out operations in Panama and, therefore, pay taxes, don’t have to worry about Law 624. The big change is for the ones that operate abroad or own assets. When the law goes into force, those legal persons will have to keep accounting books and maintain backup documentation. The period for keeping them will be a minimum of five years.
Legal persons who are merely asset holders will also have to keep this book. Information that proves the value of these assets and the income they generate will have to appear there.
These measures obligate legal persons to take care of a subject that up until just a short time ago wasn’t terribly important: accounting books. This will represent an additional expense for them because they will have to allocate a budget that makes it possible to create the accounting structure.
At the same time, the workload of the resident agents will increase. To resolve this situation, turning to the CPA Data Panama software is one of the measures that will lighten the economic outlay and streamline the processes.
Why is the CPA Data Panama software useful?
The CPA Data Panama software simplifies to the max accounting for offshore companies. The program permits the customer to choose between three languages (English, Spanish and Italian). The accounting will be organized according to Panama’s legal demands. Not only will the customer save money that he would, otherwise, have to pay for the accountant’s work, but also time.
Among the options offered by the program, is that of saving copies to the balances. A certified public accountant authorized in Panama can audit them. Another useful element of the program is that it will become a useful backup tool for the resident Agent who has the responsibility of representing the offshore company before the Panamanian government.