Taxes: Measures in Panama Become More Flexible

During the state of health emergency in the country, taxpayers who cannot use tax equipment and billing systems because their shops or offices are closed will be exempt from using these tools.

Tuesday, April 14, 2020

Following the spread of covid-19 the General Directorate of Revenue (DGI) explained that businesses may stop using fiscal equipment and invoicing systems, however, these taxpayers are required to document their operations through equivalent reports such as manual or pre-printed invoices, thus complying with the formalities established by law.

Publio De Gracia, director of the DGI, said that "... after the end of the National Emergency situation, taxpayers must invoice through the fiscal teams or invoicing systems authorized by the DGI."

The DGI's statement adds that "... Director De Gracia pointed out that taxpayers who continue to operate uninterruptedly are not exempt from the use of the fiscal equipment or invoicing systems, which is why they must continue to invoice on a regular basis."

Covid-19: How do the outlook for Panamanian companies change in the face of the new commercial reality?

We prepared for our clients the interactive report "Information System: Covid-19 and Business Forecasts" which helps companies to measure the impact that the crisis will have on their activity in the coming months.

Click here to request access to this report.

More on this topic

Electronic Invoice for Public Procurement

March 2019

Starting in April, purchases made by the State of Guatemala in amounts greater than $11,500 must be made using an online electronic invoice.

According to the Ministry of Finance, the willingness to pay through an online Electronic Invoice FEL applies to public purchases in the modalities of Tender, Quotation, Open Contract or Reverse Electronic Auction.

Electronic Invoicing Planned for 2020

December 2018

In El Salvador, it is expected that electronic invoicing will be in effect in 2020, since reforms to the Tax Code and the Law on the Transfer of Movable Goods Tax are still needed.

Authorities from the Ministry of Finance reported that to implement electronic invoicing, they already meet with representatives of the Inter-American Development Bank (IDB) and expect the arrival of experts from Costa Rica.

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. 

Electronic Invoicing in Panama

June 2016

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.

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. 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 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. ' "

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