The electronic invoice will be used voluntarily in Panama starting in September 2018
Immersed in the pilot plan phase to implement the electronic invoice, Panama’s government recalls the benefits that the electronic format will provide to companies, consumers and public administrations in the country. Although their voluntary adoption will begin later, the General Tax Directorate of Revenue trusts that the advantages of the new system will encourage widespread use among taxpayers.
Publio Cortés, general director of revenue, recently recalled the objective of the pilot plan in which 43 companies will participate. During this phase, “tests and adjustments will be made and lessons will be learned in order to make improvements before the e-invoice’s voluntary implementation.” According to Cortés, the pilot plan will be developed throughout the first half of 2018 and using electronic invoicing in Panama will be voluntary starting in September 2018. The General Tax Directorate of Revenue hopes that once the phase is finalized and the transition period begins in which the electronic invoice and the tax equipment coexist together, taxpayers will opt for the e-invoicing system based on their cost benefit analysis and the many advantages the system offers.
The Electronic Invoice Project promoted by Panama’s National Government, involves the stages of design, construction, the voluntary pilot plan and widespread usage and covers a developmental period of approximately two years and its purpose is the implementation of a model for fiscal documents that are digital and legally valid. It began in December 2016 and plans to begin its mandatory phase in 2019.
Panama’s government bases the implementation of the electronic invoice on the advantages that the adoption of the e-invoicing system will bring to the country both in the public and private sectors.