National Assembly approves the implementation of E-Invoicing System as of July 30, 2022

Source asamblea.gob.pa

Unofficial translation

Law 76 of 1976, amended by Law 72 of 2011, adopts tax measures related to the obligation to issue an invoice or equivalent document as a method of support for all operations of sale of goods and rendering of services, as a method of support for all operations of sale of goods and rendering of services carried out within the Panamanian territory. At present, this same Law explicitly contemplates as the only means of documentation of the aforementioned operations, those invoices or equivalent documents issued through the use of fiscal equipment. In this sense, and taking into account the constant need for the improvement of the administrative procedures that regulate the relations between taxpayers and the Tax Authorities, the purpose of this bill is to generalize the use of the electronic invoice through the Panamanian Electronic Invoicing System (SFEP) as a method of invoicing, thereby
invoicing, thus adapting the use of this document to modern times.
This proposal seeks to strengthen the FISCO-Taxpayer relationship by improving the quality of information received, the reduction of tax evasion, the optimization of invoicing methods, and the optimization of invoicing methods, as well as a more effective tax control, all of this without detriment to the positive environmental impact that would be originated. All of the above translates into modernization of the State and placing the country at the technological forefront in tax matters.

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