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Cards 1
Panama ITBMS tax as we have studied in class is 5%
Yes
No
Cards 2
Taxpayers of the ITBMS are obligated to carry out in their accounting an account named “Tesoro Nacional – ITBMS”
Yes
No
Cards 3
DGI stands for Directivo General de Impuestos
Yes
No
Cards 4
Formula used when taxes are already included: amount + 7 divided by 107
Yes
No
Cards 5
ITBMS is the tax that’s charged or added to all goods and services
Yes
No
Cards 6
When the business purchases merchandise the ITBMS tax is credited
Yes
No
Cards 7
The owner of the business can withdraw cash or merchandise
Yes
No
Cards 8
ITBMS tax is an important source or income for the government
Yes
No
Cards 9
The money collected from this tax is used to give away to children.
Yes
No
Cards 10
Executive Decree No. 10 (From March 10, 2003) for the ITBMS tax regulation
Yes
No
Cards 11
Panama ITBMS taxes has always been 7%
Yes
No
Cards 12
When the owner withdraws merchandise we use the purchases account
Yes
No
Cards 13
If we sold merchandise on credit we must use Accts. Receivable credit
Yes
No
Cards 14
Transactions can only have a maximum of 4 accounts
Yes
No
Cards 15
Businesses can get a certificate of nontaxpayer if they don't have to pay the tax
Yes
No