- Upcoming Maintenance Announcement: The Directorate General of Revenue (DGI) in Panama has announced scheduled maintenance for the electronic invoicing platform from September 19 to September 27, 2024, which may temporarily disrupt document visibility and accessibility for users, including difficulties with QR code scanning and accessing the Unique Electronic Invoicing Code (CUFE).
- Background on Electronic Invoicing: Panama implemented electronic invoicing in 2016 through the Panamanian Electronic Invoicing System (SFEP), which has gone through four phases: Design, Construction, Voluntary Pilot Plan, and Massification, with the massification phase starting on July 1, 2021, after a successful pilot involving 43 companies.
- Key Regulations: Law 256, effective January 1, 2023, mandates that all new Taxpayer Identification Numbers (RUCs) must utilize PAC e-Invoices, highlighting the critical role of electronic invoicing in enhancing tax compliance in Panama. Additionally, Resolution No. 201-0384 requires all income and expense records submitted to the Electoral Tribunal to be registered in the electronic invoicing system.
- Staggered Implementation Schedule: The rollout of the SFEP has been staggered across different sectors, with various deadlines for compliance; as of January 2, 2023, several private entities, cargo transportation services, small inns, and property leasing activities were required to adopt the system, and by March 1, 2023, public transportation services also had to comply.
- Financial Sector Compliance: Banks and financial institutions underwent a phased implementation of the electronic invoicing system throughout 2023, culminating in full compliance by August 31, 2023, for transactions related to stock exchanges, insurance, and other financial activities. Businesses must remain updated on these changes to ensure compliance and smooth operations.
Source Comarch
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