Panama: Updates on the E-Invoicing Platform
The Directorate General of Revenue (DGI) in Panama has revealed that service procedures for the electronic invoicing platform will soon occur, potentially causing temporary disruptions in document visibility for users. This maintenance is set to begin on Thursday, September 19, 2024, at 8:00 a.m. and will probably last until Friday, September 27, 2024. During this timeframe, users may encounter difficulties scanning QR codes on invoices or accessing the Unique Electronic Invoicing Code (CUFE) via the DGI portal.
Background on the Electronic Invoicing System
Panama began implementing electronic invoicing in 2016 with the establishment of the Panamanian Electronic Invoicing System. The SFEP rollout consists of four phases: Design, Construction, Voluntary Pilot Plan, and Massification. Following the successful completion of the Pilot Plan, which included 43 participating companies, the system entered the voluntary massification phase on July 1, 2021.
The SFEP is regulated by Executive Decree No. 367, which outlines the legal requirements for companies exempted from using Fiscal Devices mandated by the DGI. Technical specifications related to electronic invoicing, including formats, procedures, and standards, are detailed in the Technical File.
Key Regulations and Developments
According to Law 256, published on November 26, 2021, all new Taxpayer Identification Numbers (RUCs) must utilize PAC e-Invoices starting January 1, 2023. This regulation emphasizes the importance of electronic invoicing in Panama's tax compliance efforts.
Additionally, the DGI issued Resolution No. 201-0384 on January 17, 2024, mandating that all income and expense records submitted to the Electoral Tribunal be registered exclusively in Panama's Electronic Invoicing System. The resolution also establishes that requests for exceptions in the use of fiscal equipment must comply with Law 76 of 1976 and its amendments.
Implementation Schedule for Various Sectors
The rollout of the SFEP has been staggered, with different implementation dates for various sectors. Effective January 2, 2023, the following entities were required to adopt the electronic invoicing system:
- Private entities authorized by the Autoridad Marítima de Panamá (Maritime Authority of Panama) for compliance with construction and navigation regulations.
- Cargo transportation services for petroleum products.
- Inns and hotels with fewer than seven rooms.
- Property leasing activities conducted without third-party involvement.
As of March 1, 2023, international and domestic public passenger transportation services also became subject to the e-invoicing mandate.
For banks and financial institutions, the implementation of the electronic invoicing system occurred in three phases throughout 2023, focusing on various services and operations. By August 31, 2023, all transactions involving the stock and commodities exchange, insurance sector activities, and other financial entities were required to comply with the SFEP.
As Panama continues to advance its electronic invoicing platform, businesses must stay informed about these updates to ensure compliance and facilitate smooth operations. Comarch EDI offers data exchange law compliance in 60 countries worldwide, making it an ideal choice for companies operating in Panama or preparing to expand into new markets.
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