In the desire to automate invoicing processes, Panama joins the list of countries that are opening their doors to technological progress, such as the implementation of electronic invoicing.
What is the Electronic Invoice?
The electronic invoice is a digital document issued by the seller to the buyer through an automated file containing the transaction data. The characteristics of the electronic invoice are similar to a physical fiscal invoice. It describes the product data such as: company details, invoice number, quantity, product code and description, unit price, units, subtotal, I.T.B.M.S. and the total to be paid. In addition to being a proof of payment for the product, it is a legal document that requires a digital signature to validate the veracity of the data in the document.
Panama has decided to implement this invoicing method for companies operating in the country, so as of 01 June 2021 the voluntary implementation plan of the electronic invoicing method for Panamanian companies will begin.
For companies that have been using fiscal equipment and wish to acquire the electronic invoicing method, they will have to comply with the requirements that the Directorate General of Revenue (DGI) requests in order to acquire this option.
One of the requirements to carry out this implementation is to have the services of a PAC (Qualified Authorised Provider) previously authorised by the DGI. Only PACs may offer electronic document issuance services.
As of 01 June 2021, PACs in Panama are in the process of verification and approval by the DGI; therefore, companies wishing to use the electronic invoicing service must wait for the DGI to announce on its official channels which companies have been authorised for final contracting.
On the other hand, if you are a company with an annual income of less than or equal to one million dollars and you do not issue more than 200 invoices per month, you will be able to use the free electronic invoicing system developed by the DGI. To implement this modality, you must first apply to the DGI. It should be noted that if you choose to invoice electronically from now on, you will have to keep your company under this modality.
Liberal professions will remain free to adopt the electronic invoicing method through the DGI portal as long as they do not invoice more than one million dollars per year, nor issue more than 200 invoices per month. Alternatively, they will be able to maintain their current invoicing system.
We stress that the electronic invoicing process in Panama is voluntary. It is up to each company to choose the best option for its operation.
What happens if I already have Fiscal Equipment and I do not wish to purchase e-Invoicing?
In this case, the Panamanian government has decreed that companies that do not yet wish to implement electronic invoicing must have a mandatory Data Transmission Device (DTD).
The DTD is a device that is connected to each fiscal equipment that a shop, premises, branch or company has, and its function will be to send the Z closings that are carried out in your company to the DGI system, through each equipment. For this it is important to have a Wi-Fi connection in the place.
This device will soon be available in Panama, through the DGI-authorised Fiscal Equipment companies in Panama. We invite you to keep an eye on the DGI channels for the list of authorised suppliers. The acquisition of this equipment grants a tax credit of up to 400.00 dollars, a benefit that will be available until December 2021. To apply for the tax credit, you can approach the DGI or validate your authorised channels for more details.
InterFuerza provides a system for companies and professions that are obliged to use this invoicing method and acquire electronic invoicing, or for companies that do not wish to acquire electronic invoicing. It provides solutions to help companies in Panama to adapt to the requirements of the Panamanian government and its entities without any problems.
InterFuerza continues in its quest to provide its clients with the necessary solutions in an invoicing system, guaranteeing a platform that speeds up their sales and provides the necessary information on the status of their companies and at the same time organises the data to comply with tax obligations in terms of invoicing.