The State of Electronic Invoicing in Panama

Panama began the implementation of electronic invoicing in 2016 with the establishment of the Panamanian Electronic Invoicing System (SFEP).

The SFEP implementation is composed of 4 phases: Design, Construction, Voluntary Pilot Plan, and Massification. Following the completion of the Pilot Plan, in which 43 companies participated, the Panamanian e-Invoicing system has entered the voluntary massification phase as of July 1, 2021.

The Panamanian Electronic Invoicing System (SFEP) is regulated by Executive Decree No. 367. The Decree lays out the legal requirements for adoption of electronic invoicing by companies exempted from the use of Fiscal Devices by the General Revenue Directorate (DGI), Panama's tax authority.

The technical specifications are set out in the Technical File, which defines formats, procedures and standards related to electronic invoicing.

In accordance with Law 256, published on November 26, 2021, it was established that as of January 1, 2023, all new RUCs (Taxpayer Identification Numbers - TINs) must use PAC e-Invoices for invoicing.
 

New Resolution No. 201-0384

The General Directorate of Revenue (DGI) of the Ministry of Economy and Finance (MEF) issued Resolution No. 201-0384 on January 17, 2024. In it, supplier companies, political parties, and independent candidates are warned that all income and expense records submitted to the Electoral Tribunal must be exclusively registered in Panama's Electronic Invoicing System.

Furthermore, the resolution, published on January 23 in the Official Gazette, establishes that requests for exceptions in the use of fiscal equipment must comply with the provisions of Law 76 of 1976 and its amendments, and must be submitted to the General Directorate of Revenue.

The Panamanian Electronic Invoicing System (SFRP)

With the publication of Executive Decree Nº3 on January 23, 2023, the implementation and adoption of the Panama Electronic Invoicing System (SFEP) has been postponed for companies following new implementation dates.

• Effective January 2, 2023:

- Private entities that have been authorized by the Autoridad Marítima de Panamá to enforce compliance with the rules of construction, navigation, pollution prevention and safety for merchant ships, passenger transport, leisure boats, scientific research vessels, oil exploration, and drilling vessels that are registered in the Marina Mercante de Panamá. 
- Cargo transportation services of petroleum products. 
- Inns and hotels that have less than seven rooms. 
- Property leasing activities under a contract that is notarized or registered with the Ministerio de Vivienda y Ordenamiento Territorial and is carried out by a natural or legal person who manages his or her property without the intervention of a third party.
 

• Effective March 1, 2023:

- International public passenger transportation services by land, air or sea.
- Domestic public air-passenger transportation services.
 

• Three phases have been established for services and operations carried out by banks and other financial entities (April 30, June 30 and August 31, 2023):

- Phase 1 (April 30): In this phase, banks and other financial institutions will be obligated to use the electronic invoicing system for all commissions of services provided, such as: Commissions and Surcharges (Savings Account Commissions, Surcharges for Savings accounts, Commissions for Loans, etc.)

- Phase 2 (June 30): In this phase, banks and other financial institutions will be obligated to use the electronic invoicing system for all commissions of services provided, such as: Interest earned on personal loans, mortgage loans, business loans, loans, lines of credit, overdrafts, etc.

- Phase 3 (August 31): In this phase, banks and other financial institutions will be obligated to use the electronic invoicing system for all commissions of services provided, such as: Investment Banks, Currency Exchanges, Fund Administrators (investment funds, savings, pension) Insurance and Reinsurance Companies, Credit Cards, ATM, etc.
 

• Effective June 30, 2023:

- Operations and services performed by banks and other financial institutions, including leasing companies and investment funds.

Companies established in free or special zones, such as: 

          -    Zona Franca de Barú
          -    Zonas Francas
          -    Zona Libre de Petróleo
          -    Zona Libre de Colón (ZLC)
          -    Ciudad del Saber         
          -    Área Económica Panamá Pacífico (AEEPP)
          -    Sede de Empresas Multinacionales (SEM)*
          -    Multinational companies that are responsible for the provision of services related to manufacturing. (EMMA)*

*SEM companies that are incorporated under the EMMA regime must adopt the Panama Electronic Invoicing System according to the date established in the preceding calendar.
 

• Effective August 31, 2023:

-  Activities carried out by the stock and commodities exchange authorized to operate in Panama.
-  Activities carried out in the Insurance sector.
-  Transactions carried out by any other financial entities not previously specified. 

EDICOM is an Authorized Certification Provider (PAC) in Panama.

EDICOM was accredited on November 14, 2022 as an Authorized Certification Provider (PAC) by the Dirección General de Ingresos de la República de Panamá (DGI). 

If you are interested in starting an electronic invoicing project in Panama, please request more information.