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 30th, 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 30th, 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 31st, 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 30th, 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 31st, 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.
