May 22, 2023

In a matter to try to reduce fraud and improve tax compliance, Panama has created a mandate that requires businesses to issue electronic invoices for their transactions. To help businesses get ready to the new e-invoice mandates, the country has extended to mid-2023 the deadline to comply with the new requirements.

As published and confirmed by DGI Panama, the new mandate dates for the use of electronic invoice system (SFEP) has the following phases:

• Phase 1 – April 30^th, 2023.

Banks and other financial institutions will implement the use of the electronic invoicing system for all commissions for the services provided, such as: Commissions and Surcharges (Savings Account Commissions, Surcharges for Savings accounts, Commissions for Loans, etc.)

• Phase 2 – June 30^th, 2023.

Banks and other financial institutions will implement the use of the electronic billing system for all commissions for services provided, such as: Interest earned on personal loans, mortgage loans, commercial loans, loans lines of credit, overdrafts, etc.

• Phase 3 – August 31^st, 2023.

Banks and other financial institutions will implement the use of the electronic invoicing system for all commissions for the services provided, such as: Investment Banking, Exchange Houses, Fund Managers (investment funds, savings, pension) Insurance and Reinsurance Companies, Credit Cards, ATMs, etc.

• As of June 30^th, 2023:

The operations and services in general carried out by banks and other financial institutions, including financial leasing companies and investment funds.

Companies established in free or special zones, such as:

• Baru Free Zone
• Free trade zone
• Oil Free Zone
• Colon Free Zone (ZLC)
• City of knowledge
• Panama Pacific Economic Area (AEEPP)
• Headquarters of Multinational Companies (SEM)*
• Multinational Companies for the provision of services related to Manufacturing.
• As of August 31^st, 2023:

• Operations carried out by the stock market and products authorized to operate in Panama.
• Operations carried out by the Insurance sector.
• Operations carried out by other financial institutions not previously classified.

Origen’s electronic invoice experts’ team have been extended the use of electronic invoice for Country Panama in SAP Document and Reporting Compliance (aka eDocuments) implemented the solution in several Panama Companies using SAP, to help businesses in Panama comply with the new mandates.

To cover Vietnam’s General Department of Taxation (GDT) new legal requirements, Origen has extended the SAP Document and Reporting Compliance framework solution to support electronic exchange of outgoing electronic invoices.

SAP Document and Reporting Compliance for Vietnam is a partner solution for electronic invoice delivered by Origen, following the same architecture as other standard country Document and Reporting Compliance solution offerings.

The communication on the solution happens between SAP ERP or S/4HANA and Vietnam third party integrator (for example Vietnam Posts and Telecommunications Group VNPT). Via SAP Integration Suite the third party will receive, validate, and approve electronic invoices on behalf of the General Department of Taxation (GDT) of the country. 

Once the electronic invoice is approved, the approval CQT code (Authorization Electronic Code) returns to SAP and updates the electronic invoice cockpit / monitor within SAP Document and Reporting Compliance.

BENEFITS:

• Built-in standard functionality and extensibility resources to support e-Invoicing requirements as used in other countries like Chile, Mexico, Peru, Brazil, Spain, Italy, Argentina, and now Vietnam.
• Guaranteed update to legal changes in Vietnam by Origen.
• Global coverage: SAP as a single platform to manage electronic invoice mandates in effort to reduce the maintenance of interfaces with third-party software, simplify business operations for documents monitoring and corrections.
• Adoption of best practices based on expertise and focus by Origen on delivering SAP e-Invoicing solutions for multinational companies with operations in Latin America, Europe, and Asia.

For Companies running SAP ECC or S/4HANA, SAP’s Document and Reporting Compliance offering provides a single SAP Platform for e-invoicing and other electronic documents and reports, for companies with operations in the country.

Electronic invoicing is mandatory in Argentina for many businesses, and adopting document compliance ensures that businesses are complying with all legal requirements for invoicing.

SAP DRC for Argentina is an SAP endorsed and supported partner solution for electronic invoice delivered by Origen that follows the same architecture as other standard SAP’s country Document Compliance solution offerings.

BENEFITS:

• Built-in standard functionality and extensibility resources to support e-Invoicing requirements such us other LATAM countries, like Colombia, Chile, Mexico, Peru, Brazil and now Argentina.
• Guaranteed update to frequent legal changes in Argentina.
• Global coverage: SAP as a single platform to manage electronic invoice mandates in LATAM, reducing effort to maintain interfaces with third-party software.
• Adoption of best practices based on expertise and focus of Origen on delivering SAP e-Invoicing solutions for multinational companies with operations in Latin America

Furthermore, Origen’s DRC solution for Argentina covers the following scope:

• RG2485 for domestic scenarios of sales, it sends document header information to AFIP, Documents with print character A and B containing CAE number and ODN (Official Document Number).
• RG2758 for export sales, Documents with print character E containing CAE number and ODN (Official Document Number).
• RG2904 for domestic scenarios of sales, it sends document header and line-item information to AFIP, Documents with print character A and B containing CAE number and ODN.
• Electronic credit invoice MiPyMes (FCE).