Form 03 - Change to monthly payment
Through Decree 186 of November 22, 2021, the presentation of Form 03 is modified as of January 1, 2022.
At Sterling we are ready to help you through this process.
Previously, the employee had to report the information of all his workers for the twelve (12) months of the year in a single annual form, for the period between January 1 and December 31, reported until May 31 of the following anus. With the entry into force of Decree 186, the periodicity changes from annual to monthly, with the submission deadline being the 15th of each month, this form will be compared with the Report issued in the Social Security Fund corresponding to the reported month.
At Sterling we are always up to date to inform you of the changes that the DGI presents; for this new monthly service the fees by Sterling will be $75.00 per month.
The late presentation of Form 03 will cause a penalty of one thousand balboas (B/. 1,000.00), without prejudice to the interest and surcharges that the employee must pay as a result of any difference in Income Tax not withheld from the employee at the closing of each month.
Source: General Direction of Revenue