Electronic Invoicing in Panama

A contract has been awarded for the design and implementation of an electronic billing system that automates the process of reporting taxes and tax collection.

Thursday, June 2, 2016

Through a direct recruitment process the Directorate General of Revenue (DGI by its initials in Spanish) has selected Centro Interamericano de Administraciones Tributarias (CIAT) to design and implement an electronic billing system for the country.

Prensa.com reports that "...The contract, published in PanamáCompra, is valued at 2.2 million dollars and seeks to "strengthen controls and fiscal intelligence aimed at reducing levels of non-compliance, tax evasion and fraud," according to a document signed by Publio Cortés, Director General of Revenue. "

Regarding the future of fiscal printers implemented during the Martinelli administration, Cortes told Prensa.com that "... 'In other countries where the experiences of implementing electronic invoicing have been successful, fiscal equipment coexists with electronic invoicing, especially in those segments where controls on billing are more efficient through use of this equipment, such as sales to end consumers. Other countries have implemented a process of progressive replacement of equipment with electronic tax invoices. In the case of Panama, this decision must be evaluated in due course in order to determine what would be best according to the characteristics of the Panamanian market. ' "



More on this topic

Getting Ready for the Electronic Billing System

June 2018

In El Salvador the plan is to implement a pilot plan to test the electronic billing system over the next two months, starting with six companies.

The global project that will simplify 63 processes currently carried out by large taxpayers is expected to be consolidated in the next two or three years, since it is still in the stage of purchasing computer equipment.

Honduras: Problems with Electronic Invoicing

June 2016

Business people are complaining that the recurrent failures in the new online system known as the Revenue Management Service is causing losses because of delays in billing.

The new system requires all registered entities to use the documentation demanded by the Revenue Management Service (SAR by its initials in Spanish), for which printing houses certified in fiscal registry have to connect to the system for authorization from the SAR, and it is precisely this part of the process that is failing. 

Costa Rica: One More Year for Electronic Invoicing

June 2015

Although the government had announced that electronic invoicing would be mandatory in 2014, the same Ministry of Finance has now announced that the process will be delayed at least another year.

Commercial documents for tax purposes, generated and transmitted in electronic form, will have to wait until the first half of 2016.

Panama: Traders Required to Issue Receipts

August 2011

Those not providing them may be fined, as will consumers, who must insist on them.

As part of measures taken to reduce tax evasion, the government has recently amended a law of March 8, 2010, through which businesses are obligated to issue receipts and deliver them to buyers.

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