Electronic Invoicing in Panama (SFEP)
DGI Regulates the use of Electronic Invoicing in Panama (SFEP)
The General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF) regulated the use of electronic invoicing in Panama starting this year and the changes this entails for users of fiscal equipment.
DEcREES
- 766 of December 29, 2020, establishing rules regarding the adoption of electronic invoicing, aimed at companies that are exempt from the use of fiscal equipment.
- 770 of December 30, 2020, establishing rules regarding the use of fiscal equipment for issuing tax receipts and other documents.
In compliance with the provisions of the aforementioned decrees
- 201-0292 of January 20, 2021, which sets forth the technical requirements that must be met by fiscal equipment used nationwide, as well as the approval and authorization to distribute or sell fiscal equipment in the national territory.
- 201-0294 of January 29, 2021, which also establishes the duties and obligations of authorized technical service center distributors, as well as users of fiscal equipment adapted to the scope of the PLACEF (Communication Platform for Fiscal Equipment) project.
- 201-0295 of January 20, 2021 dictates the regulation of qualified authorization providers, better known by their acronym (PAC), for electronic invoicing.
- 201-0294 of January 29, 2021, which also establishes the duties and obligations of authorized technical service center distributors, as well as users of fiscal equipment adapted to the scope of the PLACEF (Communication Platform for Fiscal Equipment) project.
These regulations allow the tax administration to audit fiscal equipment by transmitting actual transaction data from the fiscal equipment to the DGI and, on the other hand, open up the electronic invoicing plan to those taxpayers interested in taking advantage of the opportunities and benefits of e-commerce.
The DGI assures that these regulations should not entail costs in most cases, as the right to tax credits is contemplated with regard to fiscal equipment and the free invoicing system in the electronic invoicing plan.
Additionally, Executive Decree 766 of December 29, 2020, provides for the figure of the Qualified Authorization Provider (PAC), who guarantees the continuity of service to those required to document their transfer operations, sales of goods, and provision of services through electronic issuance. Any individual or legal entity wishing to use electronic invoicing as a billing method may avail themselves of the service among those QAPs authorized by the DGI.
