Over the last few years, there has been a strong global movement towards legislative changes in relation to invoicing and purchase orders, which has created major challenges for companies.
Non-compliance can result in significant financial penalties, business disruption, and reputational damage.
Since 2021, a pilot roll out is underway of mandatory e-invoicing for all new taxpayers on the Electronic Invoicing System SFEP (Sistema de Facturación Electrónica de Panamá). Among other reasons, the legislative change was created to reduce fraud and improve tax compliance in the country.
To help companies prepare for the new e-invoicing mandates, Panama has extended the deadline for complying with the new requirements until mid-2023.
One of the most recent legislative changes on the subject in the country (Resolution N°201-0806) determined that taxpayers who provide services related to “stock exchanges, brokerage houses, investment managers, investment advisors and price providers” must now adhere to the Electronic Billing System. Affected taxpayers must comply with e-invoicing obligations as of August 31, 2023.
How did Origen Tech solve the problem?
At Origen Tech, we’ve successfully tackled the challenge head-on! Despite SAP’s Document and Reporting Compliance (DRC) e-invoice solution not encompassing Panama in their roadmap, our dedicated team at Origen has risen to the occasion with determination and innovation.
Leveraging the robust eDocuments framework and solution architecture from other SAP standard solutions, we’ve engineered a customized and extended SAP solution, catering specifically to Panama’s unique e-invoice compliance mandates.
The results have been nothing short of remarkable! Our tailored SAP solution automates the e-invoice process, facilitating seamless invoice management, enhancing operational efficiency, and ensuring full compliance with legislative changes in Panama.
We take immense pride in empowering businesses to thrive in the ever-evolving digital landscape. If your company needs a game-changing solution for Panama’s e-invoice challenges, don’t hesitate to reach out to Origen Tech. Together, let’s conquer the digital realm and propel your business towards sustained success!
