Acquiring a fiscal printer is one of the unknowns that many SME businesses have, which is why we have prepared this article to talk about when a business needs a fiscal printer and what is needed to implement one.
What is a tax team?
A fiscal equipment can be considered as either a fiscal printer or a cash register, these equipments have the function to perform all calculations of the fiscal receipts thus updating the sales totals (including taxes) and matching the invoicing system.
Is the function of a Fiscal Printer the same as that of a Fiscal Cash Register?
They may be similar when recording sales, but they are different in method of implementation and function. The fiscal printer is dependent on and compatible with personal computers, point-of-sale systems and other similar equipment, while the cash register is a stand-alone device containing a memory that records various identification, sales total and tax data.
Who is exempt from purchasing a Fiscal Printer or Fiscal Equipment?
According to Law 72 of 2011 in Panama, it establishes that any small trader or service provider who does not have a monthly income not exceeding B/. 3,000.00 or an annual gross income not exceeding B/. 36,000.00 are exempted from acquiring this equipment.
Who is obliged to purchase a fiscal printer?
Those who are above the above-mentioned income (B/. 36,000.00 per year or B/. 3,000.00 per month) or are outside the list of those who are exempted from acquiring such equipment (Article 2, 2nd Paragraph).
Are there systems that can be adapted to Fiscal Printers?
Of course you do, for a fiscal printer implementation you only need a computer where you can host a point of sale system. There are many operating systems for this function, so there are different prices and different plans.
InterFuerza is one of the most popular systems for SMEs wishing to keep records of their sales and taxes to make their income tax returns, its system adapts to the use of fiscal printers that are authorised by the DGI in Panama.
You can integrate your administration and sales records on a single platform allowing your company to have all the information in one place and in a secure manner, allowing you to access reports on the status of your company's fiscal commitments.