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CTC / Continuous Transaction Controls Analysis for Senior Leadership — Panama

I. Executive Summary: Panama’s Mandatory CTC E-Invoicing System

Panama has implemented a mandatory Continuous Transaction Controls (CTC) clearance e-invoicing system through its Factura Electrónica de Panamá (FEP) platform, administered by the Dirección General de Ingresos (DGI). The system is designed to improve VAT (ITBMS) compliance, reduce tax evasion, and enhance transaction transparency. It replaced the legacy fiscal-equipment (equipos fiscales) regime and is now the default method for invoicing.

Key Facts at a Glance:

Model: Delegated-clearance / PAC model (similar to Mexico and Peru).
Mandatory Format: XML per DGI Ficha Técnica, with a mandatory advanced electronic signature (FEA).
Validation: Real-time validation by an authorized private provider (PAC) or the DGI’s free tool.
Key Identifiers: Unique fiscal authorization code (CUFE) and a human-readable CAFE receipt with a QR code.
Scope: Domestic B2B, B2C, B2G transactions, and exports.
Critical Date: From January 1, 2026, larger taxpayers must use a PAC.

II. System Overview and Operating Model

Panama’s SFEP is a delegated-clearance CTC model. Taxpayers generate electronic invoices in a prescribed XML format, which must be submitted to the DGI (either directly or through a PAC) for validation before being issued to customers.

Delegated Clearance: The DGI delegates real-time validation to accredited private providers known as Proveedores Autorizados Calificados (PACs). The DGI also offers a free tool, the Facturador Gratuito, for small issuers.

Invoice Lifecycle:Creation: Taxpayer generates an XML document conforming to the DGI Ficha Técnica.
Signature: The XML is signed with a mandatory advanced electronic signature (FEA).
Validation: The PAC (or DGI free tool) validates the document against schema and business rules.
Authorization: Upon successful validation, a CUFE (Código Único de Factura Electrónica) and an “Authorization of Use” are returned.
Delivery: The human-readable CAFE (Comprobante Auxiliar de Factura Electrónica), containing the CUFE and a QR code, is delivered to the buyer.
Reporting: The PAC transmits authorized documents to the DGI within its specified deadline (48 hours).

CUFE & CAFE: The CUFE is a unique alphanumeric identifier encoding document details and security. The CAFE is the visual representation (print/PDF) of the XML, carrying the CUFE and QR code, but the XML remains the legally valid document.

III. Implementation Timeline and Scope of Mandate

The SFEP has been progressively rolled out, becoming the default method for almost all taxpayers.

Voluntary Phase: Started June 1, 2021.
- Mandatory Go-Live Dates:January 1, 2022: Mandatory for all newly registered RUC taxpayers.
- 2022 – October 2023: Mandatory for State suppliers (B2G).
- 2023: Phased mandates for specific sectors (e.g., transport, financial services, free zones).
- March 1, 2024: Expiry of open-ended fiscal-equipment exception certificates, forcing migration to SFEP. The source states: “the theoretical fiscal-equipment-versus-FE choice has effectively collapsed toward FE, requiring decommissioning of legacy printers.”
- January 1, 2026: Crucially, taxpayers exceeding B/.36,000 in annual revenue or 100 electronic documents per month must use an authorized PAC. The DGI Facturador Gratuito will then be reserved for lower-volume issuers meeting both limits.
Transactions in Scope: Covers domestic B2B, B2G, B2C supplies, and exports.
Taxpayers in Scope: Any registered RUC taxpayer (natural or legal) issuing invoices. This includes established domestic entities; requirements for non-established/foreign entities are less clearly defined in public materials.

IV. Regulatory Framework and Technical Requirements

Primary Legislation: Ley 256 of November 26, 2021, is the keystone reform, modernizing invoicing around e-invoicing and amending Ley 76 of 1976.
Implementing Decrees: Decreto Ejecutivo No. 766 of December 29, 2020, established the SFEP/PAC framework and introduced the CAFE.
Mandatory Format: The XML format adheres to the DGI Ficha Técnica (version 1.10), which defines schemas, fields, validations, and web-service endpoints.
Digital Signature: An advanced electronic signature (FEA) is mandatory for every issuer, obtained from the Registro Público de Panamá.
Contingency Mode: A 72-hour contingency window allows invoices to be issued without immediate PAC communication during outages, with subsequent submission once connectivity is restored.

V. ITBMS (VAT) and Tax Implications

Standard Rate: Panama’s standard ITBMS (VAT) rate is 7%, with 10% on alcohol/lodging and 15% on tobacco. Many exemptions exist (e.g., medicines, food, basic school supplies).
ITBMS Withholding: Panama operates an ITBMS withholding regime. Designated “agentes de retención” (large buyers and government entities) withhold a standard 50% of the ITBMS on an invoice as an advance collection.
No Pre-filled Returns: As of the information cut-off, the DGI’s ITBMS return (Formulario 430) is a self-assessed sworn declaration; there is no indication it is pre-filled from e-invoicing data.

VI. Compliance, Penalties, and Archiving

Loss of ITBMS Credit/Deductibility: The most significant commercial consequence of non-compliance is that only valid fiscal documents (authorized electronic invoices / CAFEs) support ITBMS input-tax credit and income-tax expense deductibility. Documents from unauthorized methods are disallowed.
Graduated Penalties: Invoicing infractions range from B/.500–1,000 for a first offense, escalating to B/.10,000–25,000 with temporary business closure for repeat offenses. Buyers failing to request an invoice face fines of B/.1.00 or 7% of the transaction.
Archiving: Both issued and received electronic invoices (the signed XML, not just the CAFE) must be stored electronically for at least 5 years, consistent with Panama’s general record-keeping and statute of limitations. The DGI centrally holds authorized documents.

VII. International Context and Impact on SMEs

No ViDA/Peppol Alignment: Panama is a non-EU country, and its SFEP XML is a national schema. It does not implement EN 16931, Peppol, or align with the EU VAT in the Digital Age (ViDA) package. This means a bespoke national integration is required for multinational companies.
SME Impact:The DGI Facturador Gratuito offers a free tool for professionals, entrepreneurs, and small businesses meeting specific thresholds (annual gross income ≤ B/.36,000 AND ≤ 100 documents/month).
However, the January 1, 2026, PAC migration will require growing SMEs exceeding these thresholds to contract a paid PAC, adding compliance costs beyond the initial FEA certificate.
The system aims to ease adoption with a free entry tool and mature PAC network, but the certificate requirement and the impending PAC threshold for growing businesses add complexity.

VIII. Critical Dates and Actionable Items

In Force Now (especially for 2026):Confirm PAC Contracts: Taxpayers above B/.36,000 revenue or 100 documents/month must plan for PAC adoption by January 1, 2026.
FEA Certificate Management: Ensure advanced electronic signatures (FEA) are current and properly managed.
Supplier Validation: Validate supplier authorization of invoices before claiming ITBMS credit or expense deductibility.
Contingency & Workflow Adherence: Observe the 72-hour contingency window for issuance and the 8-day receiver-event window for buyer actions.
Areas for Confirmation: Non-established/foreign-entity treatment, potential future ITBMS-return pre-filling, and exact Código Fiscal article numbers for fines should be verified directly with the DGI or local advisers.

Panama’s e-invoicing system represents a significant modernization of its tax administration, demanding close attention to its specific requirements and upcoming deadlines, particularly the 2026 PAC migration.

One-line orientation: Panama operates a mandatory Continuous Transaction Controls (CTC) clearance e-invoicing system through its Factura Electrónica de Panamá (FEP) platform, administered by the Dirección General de Ingresos (DGI). Taxpayers within the mandatory scope are required to generate electronic invoices in the prescribed XML format and submit them to the DGI, either directly or through an authorised Proveedor Autorizado Calificado (PAC), for validation before they are issued to customers. Once validated, the invoice receives a unique fiscal authorisation and becomes the legally valid tax document. The regime covers domestic B2B, B2C, and B2G transactions and forms part of Panama’s real-time digital tax control framework, aimed at improving VAT (ITBMS) compliance, reducing tax evasion, and enhancing transaction transparency.

Chapter 0 — Executive Summary (At-a-Glance)

Panama operates the Sistema de Factura Electrónica de Panamá (SFEP) — branded FE Panamá — administered by the Dirección General de Ingresos (DGI) of the Ministerio de Economía y Finanzas (MEF) [1][24]. It is a delegated-clearance CTC model in which an XML invoice is validated in real time by a private Proveedor Autorizado Calificado (PAC) or the DGI’s free tool, returning a CUFE (unique code) and a human-readable CAFE receipt; it replaces the legacy fiscal-equipment (equipos fiscales) regime [2][29].

Status

Live and now the default method. Voluntary from 1 June 2021; mandatory for new taxpayers since 1 January 2022 and progressively for sectors through 2023–2024; open-ended fiscal-equipment exceptions expired 1 March 2024; from 1 January 2026 larger taxpayers must use a PAC [3][20][21].

Model

Delegated-clearance / PAC model (like Mexico and Peru): the taxpayer’s signed XML is validated by a contracted PAC (or the DGI free tool) before delivery, assigning the CUFE and an Authorization of Use [29][3].

Mandatory format(s)

XML per the DGI Ficha Técnica, with a mandatory advanced electronic signature (FEA); the CUFE (alphanumeric, Modulo-10 check digit) and a QR code appear on the CAFE. No Peppol / EN 16931 [9][8][29].

Key go-live dates

Pilot 2016/2018; voluntary 1 June 2021; new RUC 1 January 2022; B2G ~2022–Oct 2023; sector calendars 2023; fiscal-equipment exception expiry 1 March 2024; PAC threshold from 1 January 2026 [34][33][20][21].

Taxpayers in scope (headline)

Any registered RUC taxpayer (natural or legal) issuing invoices — B2B, B2G, B2C, exports; small issuers may use the free Facturador Gratuito within thresholds [8][4].

Central platform / operator

The DGI SFEP; issuance via a PAC (18 authorized providers) or the DGI Facturador Gratuito; public verification by CUFE [7][4].

Penalty exposure (headline range)

Invoicing infractions from B/.500–1,000, escalating to B/.5,000–10,000 and B/.10,000–25,000 with temporary business closure on reincidence; a buyer failing to request an invoice faces B/.1 or 7% of the transaction, whichever is greater; only valid documents support ITBMS credit and expense deductibility [35][12].

ITBMS (VAT) rate

Standard ITBMS 7% (10% on alcohol and lodging; 15% on tobacco); many exemptions and zero-rated/refundable exports [26][12].

ViDA alignment

N/A. Panama is non-EU; the EU VAT in the Digital Age package (adopted 11 March 2025) has no direct effect. Panama’s PAC model groups with Mexico/Peru and is not Peppol/EN 16931 [43][29].

Top 3 open risks / uncertainties

(1) 1 January 2026 PAC migration — small taxpayers exceeding B/.36,000 revenue or 100 documents/month must move from the free tool to a paid PAC [21][24].
(2) Fiscal-equipment phase-out — the FE-vs-equipos-fiscales choice has effectively collapsed toward FE, requiring decommissioning of legacy printers [20][42].
(3) Under-documented areas — non-established/foreign-entity treatment and any ITBMS-return pre-filling are not established in public DGI materials [25][11].

Information cut-off date

6 July 2026. All cited URLs were checked during research on this date [48].

Chapter 1 — Introduction & Country Context

1.1 Tax digitalisation journey

Panama’s invoicing obligation dates to Ley 76 of 1976; the concept of the electronic invoice was introduced by Ley 51 of 2008, and point-of-sale control ran for years through fiscal equipment (impresoras fiscales) from the early 2010s [1]. A voluntary e-invoicing pilot began in 2016, with the platform operational in 2018 and 43 participating companies, and the modern SFEP was built out through 2020–2021 as a software alternative to fiscal printers [1][24].

1.2 Rationale (tax control, modernisation)

The DGI/MEF rationale is to reduce evasion and fraud, improve collection and data quality, strengthen fiscal control, modernise and digitise invoicing, and reduce paper use — with COVID-19 accelerating adoption [14]. The reform preserves the historical documentation duty but shifts it onto electronic means and steers taxpayers from fiscal equipment toward the SFEP [14][24].

1.3 Positioning — a PAC-model LATAM adopter

Panama uses a delegated-clearance (PAC) model grouped with Mexico (CFDI), Peru (OSE) and Guatemala, in which the tax authority delegates real-time validation to accredited private providers [29]. It is a mid-stage Latin American adopter relative to the earliest systems (Mexico, Brazil, Chile), but with the fiscal-equipment phase-out and the 2026 PAC rule, e-invoicing has become the default national method [24][20].

1.4 Supranational authorisation / derogation

Not applicable. Panama is not an EU Member State, so no EU Council Implementing Decision or Article 218/232 VAT Directive derogation is required, and Directive 2014/55/EU does not apply [43]. The framework rests entirely on domestic law and DGI resolutions [1].

Chapter 2 — Regulatory Framework

2.1 Primary legislation

The keystone reform is Ley 256 of 26 November 2021, which amended the invoicing provisions of Ley 76 of 1976 (as modified by Ley 72 of 2011) to modernise Panama’s regime around electronic invoicing and set out two compliance options — authorised fiscal equipment or the SFEP [16][14]. Supporting statutory authority includes Ley 51 of 2008 (electronic signatures and documents), the Código Fiscal (documentary and ITBMS rules, notably art. 1057-V) and the Código de Comercio [1][12].

2.2 Implementing decrees & resolutions

The core regulation is Decreto Ejecutivo No. 766 of 29 December 2020, which establishes the SFEP for companies exempt from fiscal equipment, introduces the CAFE with a QR code, and requires an electronic-signature certificate, SFEP registration and contracting at least one PAC [17][32]. Earlier decrees (DE 115 of 30 January 2020, DE 367 of 31 July 2020) and the implementation-calendar decrees (DE 25 of 27 June 2022, amended by DE 3 of 20 January 2023) complete the framework [18][19]. DGI resolutions govern the technical standard (201-5784 of 31 August 2018, adopting the Ficha Técnica), the PAC regime (201-0295 of 2021 and bond resolutions), the fiscal-equipment exception expiry (201-0418 of 18 January 2024, expiry 1 March 2024), and the current user duties and PAC thresholds (201-6299 of 29 July 2025) [9][20][21]. The single best live index of every instrument is the DGI Base Legal page [1].

2.3 Administrative guidance & the fiscal-equipment sunset

The DGI publishes SFEP FAQs, PAC and free-tool guidance, and the Ficha Técnica; the MEF announced the 1 March 2024 expiry of open-ended fiscal-equipment exception certificates, forcing migration to fiscal equipment or the SFEP [8][15]. In practice, the theoretical fiscal-equipment-versus-FE choice has collapsed toward the SFEP, and e-invoicing is now the default method [24][20].

2.4 Supranational / international legal basis

Not applicable / N/A. As a non-EU jurisdiction, Panama relies on no Council Implementing Decision, no Article 218/232 derogation and no Directive 2014/55/EU obligation [43]. International alignment, where relevant, is with regional LATAM PAC-model practice rather than any binding supranational instrument [29].

Chapter 3 — Scope of the Mandate

3.1 Transactions in scope

The SFEP covers domestic B2B, B2G and B2C supplies, plus exports: State suppliers must issue and State entities accept e-invoices, and small B2C issuers may use the free DGI tool within thresholds [24][8]. Document types include the factura de operación interna (01), factura de importación (02), factura de exportación (03), nota de crédito (04), nota de débito (05) and the notas genéricas (06/07) for adjusting legacy paper or fiscal-equipment documents [31][8]. Technical limits are up to 1,000 line items per invoice and batches of up to 100 documents / 10 MB [8].

3.2 Special transactions

Corrections use electronic notas de crédito and notas de débito (Chapter 9), with notas genéricas for adjustments to non-FE documents [31][8]. Panama operates an ITBMS withholding regime through designated agentes de retención (Chapter 12), and free-zone transactions have their own ITBMS treatment while still falling within the SFEP calendar from 31 August 2023 [38][33].

3.3 Excluded / exempt transactions

ITBMS-exempt supplies — medicines, foods, agricultural products, basic school supplies, textbooks, utilities (electricity/water), and medical and transport services — still require documentation but at the exempt rate, and exports are zero-rated with input ITBMS refundable [26][12]. Taxpayers in remote areas without internet connectivity may continue using fiscal equipment as a narrow exception, and persons below B/.36,000 annual income are treated as non-contribuyentes [8][12].

Chapter 4 — Taxable Persons in Scope

4.1 Established domestic entities

Any registered RUC taxpayer — natural or legal person — may use the SFEP, and it became mandatory in phases: new RUC registrants from 2022, State suppliers, pilot companies, banks and financial institutions, stock-exchange and free-zone taxpayers, and independent professionals [8][24]. With the fiscal-equipment phase-out, the SFEP is now the default for essentially all taxpayers [20].

4.2 Non-established entities

The SFEP obligation attaches to taxpayers registered with a Panamanian RUC, and Panama applies a territorial ITBMS to transfers and services within Panama; the public sources do not squarely address non-established/foreign-entity requirements, which EDICOM notes the framework does not specifically cover — an area flagged for confirmation directly with the DGI [25][12].

4.3 Voluntary participation & the free tool

The SFEP opened to all registered taxpayers voluntarily on 1 June 2021; the DGI Facturador Gratuito is a free tool for professionals, entrepreneurs and small businesses, with adoption via a declaración jurada in e-Tax 2.0 and 15 calendar days to activate [8][4]. From 1 January 2026, eligibility for the free tool requires both annual gross income ≤ B/.36,000 and ≤ 100 documents/month; exceeding either forces adoption of a PAC (government entities are exempt from these caps) [21][24].

4.4 Sector-specific rules

Sector calendars phased in banks and financial institutions (Res. 201-0717, 2023), stock exchanges (Res. 201-2441, 2023), government contractors (Res. 201-5160, 2023), free-zone and stock-exchange taxpayers (31 August 2023) and independent professionals (2024) [33][1]. Free-zone regimes (Zona Libre de Colón, Panamá-Pacífico) have distinct ITBMS treatment but are within the SFEP obligation [12][33].

Chapter 5 — Implementation Timeline

5.1 Legislative history & milestones

1976 / 2008 / 2011 — Ley 76 (invoicing duty), Ley 51 (electronic invoice concept), Ley 72 (fiscal-equipment mandate) [1].
2016–2018 — voluntary pilot (plan piloto): platform operational September 2018, first electronic invoice 28 September 2018, 43 companies; authorized by Resoluciones 201-0235, 201-0697 and 201-5784 [1].
2020 — Decreto Ejecutivo 115 (30 January) and 367 (31 July); Decreto Ejecutivo 766 (29 December) establishes the SFEP/PAC framework [18][17].
26 November 2021 — Ley 256 makes electronic invoicing the general obligation and amends Ley 76 [16].
27 June 2022 — Decreto Ejecutivo 25 sets the implementation calendar (amended by DE 3 of 2023) [19].

5.2 Voluntary phase

Under Decreto 766, the SFEP opened to all registered taxpayers on a voluntary basis on 1 June 2021, supported by the DGI free tool and the PAC network [8].

5.3 Mandatory go-live dates

1 January 2022 — mandatory for all newly registered RUC taxpayers [34].
2022 → October 2023 — State suppliers (B2G), initially decreed mid-2022 and extended by resolution [24][34].
2 January 2023 — pilot participants and broader groups begin mandatory issuance [34].
2023 — sector calendars: transport (~March), financial services (from April), stock exchanges (March), free-zone and stock-exchange taxpayers (31 August) [33].
2024 — independent/self-employed professionals [24].

5.4 Fiscal-equipment phase-out

Resolución 201-0418 (18 January 2024) set a single expiry date of 1 March 2024 for previously open-ended fiscal-equipment exception certificates, forcing migration to the SFEP; a desincorporación (decommissioning) procedure (Res. 201-5617 of 2023) governs surrender of the fiscal seal, submission of the final Z-report and retention of fiscal memory for 5 years [20][42].

5.5 The 2026 PAC threshold (a live development)

Resolución 201-6299 (29 July 2025) updates SFEP user duties and, effective 1 January 2026, requires taxpayers exceeding B/.36,000 in annual invoicing or more than 100 electronic documents per month to use an authorized PAC, reserving the free Facturador Gratuito for low-volume issuers meeting both limits [21][24].

5.6 Net effect

Fiscal printers are effectively retired and the SFEP is now the default method for essentially all taxpayers; the theoretical fiscal-equipment-versus-FE choice under Decreto 25/2022 has collapsed toward FE [24][20].

Chapter 6 — Operating Model (How It Really Works)

6.1 Model type & role of the tax authority

Panama runs a pre-validation (clearance) CTC model with delegated validation: an invoice must be validated/authorized before delivery to the buyer, either by a contracted PAC or, for small issuers, by the DGI Facturador Gratuito [2][29]. The DGI operates the SFEP and receives authorized documents; PACs are private providers accredited by the DGI to perform the real-time validation and assign the CUFE [3].

6.2 Invoice lifecycle

Creation — the taxpayer generates the XML per the Ficha Técnica [9].
Signature — the XML is signed with an advanced electronic signature (FEA), required of every emitter even when using a PAC [8].
Validation — the PAC (or free tool) validates the document against schema and business rules [3].
Authorization — on success a CUFE and an Authorization of Use are returned [3].
Delivery — the human-readable CAFE (with QR and CUFE) is delivered to the buyer, by PDF/email or on paper if requested [30].
Reporting — the PAC transmits authorized documents to the DGI within its deadline [8].

6.3 Authentication & digital signature

Every emitter must hold an advanced electronic signature (Firma Electrónica Avanzada, FEA) certificate issued/authorized by the Dirección Nacional de Firma Electrónica at the Registro Público de Panamá, requested via e-Tax 2.0; registration in the SFEP is by a declaración jurada de adopción selecting the PAC or free-tool modality [8][5]. Authentication to DGI systems uses RUC + NIT [4].

6.4 Offline / contingency mode

The DGI FAQ provides a 72-hour contingency window in which invoices may be issued without PAC communication, with subsequent submission for authorization once connectivity is restored; separately, a PAC must transmit validated documents to the DGI within 48 hours [8]. EDICOM confirms a contingency mode for technical outages [24].

6.5 Buyer-side workflow

The buyer receives the CAFE and can verify authenticity by CUFE on the DGI portal; the SFEP supports receiver events (manifestación del receptor) — confirmation, confirmation with discrepancies, or commercial rejection — with a rule that a receiver cannot register events on invoices issued more than 8 days prior [2]. Only a valid document supports the buyer’s ITBMS input credit and expense deduction [12].

6.6 CUFE, CAFE & QR

The CUFE (Código Único de Factura Electrónica) is a unique, non-repeatable alphanumeric identifier encoding document type, issuer RUC, numbering and date plus a security seal, with a Modulo-10 (Luhn) check digit [8]. The CAFE (Comprobante Auxiliar de Factura Electrónica) is the printed/PDF representation carrying the CUFE and a QR code (minimum ~25 mm), and it may contain no data absent from the XML; when printed it must remain legible for at least six months [30].

Chapter 7 — Acceptable E-Invoice Formats

7.1 Mandatory format(s)

The mandatory format is XML per the DGI Ficha Técnica (published version 1.10, adopted by Resolución 201-5784 of 2018), which ships XSD schemas and defines fields, validations, SOAP web-service endpoints and error codes; a separate Ficha Técnica del PAC governs provider integration [9][10]. The XML is the legal document and the CAFE its representation [30].

7.2 Relationship to international standards

Panama’s SFEP XML is a national schema and does not implement EN 16931, Peppol or UBL; like other LATAM systems (CFDI, DTE, CPE) it relies on a proprietary national format with the CUFE/CAFE, most closely mirroring Mexico’s and Peru’s PAC/OSE models [29][24]. For multinationals this is a bespoke national integration rather than a Peppol/EN 16931 build [29].

7.3 Voluntary / legacy / hybrid formats

No hybrid PDF/XML formats (Factur-X, ZUGFeRD) are used; the CAFE is a representation of the XML, not an independent legal document. Legacy fiscal-equipment receipts survive only in narrow exceptions and are being decommissioned, with notas genéricas used to adjust them [8][20].

7.4 Attachments

The public materials focus on the XML schema and the CAFE; a formal attachment framework beyond the CAFE and XML is not separately detailed and, where relevant, should be confirmed against the DGI Ficha Técnica [9][8].

Chapter 8 — Technical & Functional Requirements

8.1 E-invoice specifications

Mandatory data (per the Ficha Técnica and reflected on the CAFE) includes the issuer RUC, name and address; receiver data; document number and type; date; line detail with item code, description, quantity, unit of measure and unit price; the ITBMS breakdown and totals; the CUFE; and the QR code [30][9]. Documents support up to 1,000 line items, with batches of up to 100 documents / 10 MB [8].

8.2 E-reporting specifications

ITBMS is declared on Formulario 430 (monthly, due by the 15th; self-employed professionals may file quarterly), filed online with RUC + NIT [11]. Authorized SFEP documents are reported to the DGI by the PAC, building the transactional record; Panama does not operate a separate SAF-T file, and the SFEP feed is the transactional e-reporting layer [8][11].

8.3 Digital signature & integrity

Integrity and authenticity rest on the mandatory advanced electronic signature (FEA) applied to every document and the PAC/DGI validation returning the CUFE and Authorization of Use, making each document tamper-evident and verifiable by CUFE/QR [8][30].

8.4 Processing mode & performance

Processing is real-time pre-validation through the PAC or free tool, with a 72-hour contingency fallback and a 48-hour PAC-to-DGI transmission duty [8]. No formally published platform SLA/performance target was identified in the public sources as of the cut-off date [8].

Chapter 9 — Correction of Errors

9.1 E-invoice corrections

Corrections use electronic notas de crédito (04) and notas de débito (05) that reference the original electronic invoice(s); for adjustments to non-electronic documents (legacy paper or fiscal-equipment receipts), the nota de crédito/débito genérica (06/07) is used, citing the paper document or fiscal-equipment reference [8][31]. These flow through the same PAC validation and CUFE process [31]. The issuer registers an Anulación event where an operation did not occur, and receivers may register events (including commercial rejection) but not on invoices issued more than 8 days prior [2].

9.2 E-reporting corrections

Because credit/debit notes and annulment events flow through the SFEP, corrections feed the transactional record and the ITBMS position; general Código Fiscal rules on amended declarations and record-keeping apply, and an unauthorized document does not support ITBMS credit or deductibility [12][35]. The monthly ITBMS cycle (Formulario 430) governs the timing of corrective declarations [11].

Chapter 10 — Transmission & Workflow

10.1 Central platform

The central platform is the DGI SFEP (production portal dgi-fep.mef.gob.pa), which receives authorized documents and exposes public verification by CUFE; PACs perform the delegated real-time validation [2][7].

10.2 Transmission channels

There are two issuance channels: (a) a contracted PAC via system-to-system integration (the mandatory route for larger taxpayers); and (b) the DGI Facturador Gratuito for small issuers, accessed through e-Tax 2.0 on mobile, tablet or PC [3][4]. Both require SFEP registration and a valid electronic signature [8].

10.3 Accredited providers (PACs)

The DGI maintains an official list of 18 authorized PACs, including The Factory HKA, EDICOM Panamá, Gosocket Panamá, Hypernova Labs, Gurusoft, Infile, Digifact, TopManage, Ideati, Alanube, Emagic, Satcomla, EBI, STK Panamá, WebPOS, Panama PAC, AVD Tec and Factura Fácil [7]. Becoming a PAC requires an electronic certificate, a technical report, fees of B/.2,000 (evaluation) + B/.5,000 (qualification), and a performance bond ≥ B/.250,000 [6].

10.4 Interoperability with B2G / Peppol / cross-border

B2G supplies use the same SFEP channels (State entities must accept e-invoices); there is no Peppol interoperability or cross-border e-invoice exchange, and cross-border goods flows are handled through customs with import ITBMS [24][29]. The factura de exportación is a supported document type [31].

10.5 Deadlines & timing

Validation is real-time; the contingency window is 72 hours for issuance without PAC communication, and a PAC must transmit to the DGI within 48 hours of validation [8]. The ITBMS return (Formulario 430) is filed monthly by the 15th (quarterly for certain self-employed professionals), and ITBMS withholding is reported on Formulario 4331 within 15 days of month-end [11][38].

Chapter 11 — Self-Billing

The public SFEP materials reviewed do not document a general self-billing / recipient-created-invoice regime: the supplier generates, signs and validates the electronic invoice, and the buyer’s role is limited to receiving the CAFE and optionally registering receiver events (manifestación del receptor) such as confirmation or commercial rejection within the permitted window [2][8]. Accordingly, on the available sources the classic self-billing sub-topics are not separately legislated or published: (11.1) explicit legality of self-billing; (11.2) platform routing of self-billed documents; (11.3) prior authorisation; (11.4) mandatory content specific to self-billing; (11.5) a self-billing flag; (11.6) foreign-buyer restrictions; and (11.7) buyer-side approval [2][8]. The receiver-event mechanism and the notas genéricas are the closest documented analogues for buyer-side action and adjustments to non-FE documents; a genuine self-billing arrangement should be confirmed directly with the DGI and against the Ficha Técnica [2][31].

Chapter 12 — Triangulation & Special Scenarios

12.1 Triangulation

Triangulation is not separately addressed in the accessible public DGI sources; the SFEP obligation attaches to each Panamanian issuer’s supply, so each domestic leg is invoiced electronically where it occurs, and cross-border legs follow import/export rules rather than a dedicated triangulation mechanism — to be confirmed with the DGI/advisers for specific structures [8][12].

12.2 Chain transactions

Chain-transaction sequencing likewise has no dedicated SFEP treatment in the public materials; each domestic supply is documented as an ordinary factura de operación interna where it occurs in Panama [8][12].

12.3 ITBMS withholding (retención)

Rather than an EU-style reverse charge, Panama operates an ITBMS withholding regime: designated agentes de retención — large buyers with annual local purchases over B/.3,000,000 and government entities (736 agents designated for FY2026–2027) — withhold a standard 50% of the ITBMS on the invoice as an advance collection, reported on Formulario 4331 within 15 days of month-end, with the supplier claiming credit on Formulario 430 [38][12]. Import ITBMS is settled at customs [12].

12.4 Zero-rated & exempt supplies

Standard ITBMS is 7% (10% on alcohol and lodging, 15% on tobacco); exemptions include medicines, foods, agricultural products, school supplies, textbooks, utilities and medical/transport services, and exports are zero-rated with input ITBMS refundable [26][12]. Exempt supplies are still documented through the SFEP at the exempt rate [8].

12.5 Local nuances — free zones

Commercial acts between entities located within a free zone (e.g. Zona Libre de Colón) are outside ITBMS, and goods destined for export from the zone are exempt; free-zone taxpayers were nonetheless folded into the mandatory SFEP calendar from 31 August 2023 [12][33]. Special regimes such as Panamá-Pacífico follow their own ITBMS rules within the SFEP obligation [12].

Chapter 13 — Archiving & Retention

13.1 Central handling by the DGI

Authorized SFEP documents are transmitted to and held by the DGI (via the PAC), which holds the transactional record and exposes verification by CUFE; PACs must keep copies of documents, the Authorization of Use and any inconsistency communications available for 60 days to both the emitter and the DGI [8].

13.2 Mandatory archiving format

The legally valid original is the signed XML (with its metadata), and the CAFE is its representation; taxpayers must store the XML, not merely the CAFE [27][31].

13.3 Retention period

Both issued and received electronic invoices must be stored electronically for at least 5 years, consistent with Panama’s general Código Fiscal record-keeping and the 5-year statute of limitations [27][26]. Decommissioned fiscal-equipment memory must likewise be retained for 5 years [42].

13.4 Storage location

The reviewed sources do not impose a specific domestic-only storage mandate beyond the retention obligation; the taxpayer must be able to produce the signed XML within the five-year window, and the DGI independently holds the authorized records [27][8].

13.5 Integrity, authenticity, readability

Integrity and authenticity are assured by the advanced electronic signature and the PAC/DGI validation (CUFE and Authorization of Use); the CAFE’s QR and CUFE link the printed representation back to the authorized XML, and printed CAFEs must remain legible for at least six months [8][30].

13.6 Audit accessibility

Because the DGI holds the authorized documents centrally, much audit access is platform-based; taxpayers nonetheless retain and produce the XML records on request within the five-year period, and the 60-day PAC availability duty supports near-term retrieval [8][27].

Chapter 14 — Penalties & Enforcement

14.1 Graduated invoicing sanctions

Invoicing infractions escalate with reincidence (repeat within 24 months): a first offence (e.g. issuing invoices lacking required characteristics, illegible devices, poor records) draws a fine of B/.500–1,000; a first reincidence draws B/.5,000–10,000 plus temporary closure of the establishment; and a second reincidence draws B/.10,000–25,000 plus temporary closure [35]. A buyer who fails to request an invoice faces a fine of B/.1.00 or 7% of the transaction, whichever is greater, and missing mandatory signage draws B/.100 [35].

14.2 General DGI fines

Related DGI sanctions include B/.1,000–10,000 with business closure of 2–15 days for non-compliance with document requests, B/.100–500 for failing to keep accounting records, and B/.100–1,000 for non-filing of declarations; late/non-compliance on the ITBMS return runs B/.100–5,000 [36][11].

14.3 The decisive sanction — loss of ITBMS credit & deductibility

The most significant commercial consequence is that only valid fiscal documents (an authorized electronic invoice / CAFE) support ITBMS input-tax credit and income-tax expense deductibility; documents from unauthorized methods are disallowed, which is the practical enforcement lever alongside the graduated fines [12][35].

14.4 Article references & links

The sanctioning framework rests on the Código Fiscal (invoicing infractions and ITBMS art. 1057-V), administered under Decreto 25/2022 and the DGI penalty schedule; exact article numbers for the escalating invoicing fines should be confirmed against the consolidated Código Fiscal text [12][36]. Named-source analyses (La Prensa, PKF) provide the current amounts [35][36].

Chapter 15 — Pre-Filled VAT (ITBMS) Returns

15.1 Available today?

No, per public DGI materials. The ITBMS return (Formulario 430) is a self-assessed sworn declaration filed online with RUC + NIT; the DGI Formulario 430 materials contain no indication that the return is pre-filled from factura-electrónica data, so automatic pre-population should be treated as not implemented on the current public record rather than as a feature [11].

15.2 Fields pre-filled vs input required

The taxpayer self-assesses output and input ITBMS on Formulario 430; while the SFEP holds the authorized transactional data that could support pre-filling in future, the return today is completed by the taxpayer [11].

15.3 Announced plans & timeline

No dated DGI project for a pre-filled ITBMS return was identified in the reviewed sources; the growing completeness of SFEP data (reinforced by the 2026 PAC rule) is a plausible foundation for future pre-population but is not a documented feature [11][21].

15.4 Dependency on e-invoicing/e-reporting data

Any future pre-population would depend wholly on authorized SFEP data; today the linkage is that only valid, authorized documents support ITBMS credit and deductibility, so the SFEP data underpins the accuracy of the self-assessed return [12][8].

15.5 Alignment with ViDA pre-filled provisions

ViDA does not apply to Panama (Chapter 16); the SFEP’s real-time data nonetheless positions Panama consistently with the broader CTC direction toward suggested/pre-filled returns, should the DGI choose to implement it [11][43].

Chapter 16 — ViDA / International Digital Reporting Readiness

16.1 Country position

ViDA is N/A — Panama is a non-EU country and the EU VAT in the Digital Age package (adopted 11 March 2025) binds EU Member States only [43]. Benchmarked against LATAM/OECD CTC trends, Panama is an established delegated-clearance (PAC) adopter, now consolidating e-invoicing as the default method [29][24].

16.2 Alignment of national format & model

Panama uses a national SFEP XML with the PAC model, FEA signature, CUFE and CAFE, and is not aligned with ViDA’s Digital Reporting Requirements, EN 16931, Peppol or UBL — the principal gap for organisations pursuing a single global standard [29][24]. Its kinship is regional: the PAC design most closely mirrors Mexico (CFDI) and Peru (OSE) [29].

16.3 Cross-border digital reporting & regional peers

Panama does not participate in ViDA’s cross-border B2B digital reporting or any equivalent supranational feed; the SFEP is domestic, with cross-border flows through customs [43][12]. Among LATAM peers it sits alongside Mexico (CFDI/PAC), Peru (OSE), Colombia (DIAN validation), Chile (DTE) and Ecuador — a mid-stage but consolidated adopter using the delegated-clearance design [29][44].

16.4 Business implications

For multinationals, the Panamanian solution is a bespoke national integration (SFEP XSD, FEA signature, PAC contract) not reusable as a Peppol/ViDA build; the 2026 PAC rule and the loss of credit/deductibility for unauthorized documents make robust PAC integration and certificate management the key steps [24][21].

Chapter 17 — Impact on SMEs and Startups

17.1 Phased onboarding

SMEs onboarded through the 2022–2024 phases and the fiscal-equipment phase-out; new RUC registrants have been in scope since 2022, and small issuers can use the free DGI tool within thresholds [34][4].

17.2 Free / low-cost government tools & education

The DGI Facturador Gratuito is completely free for professionals, entrepreneurs and small businesses, supporting invoices, credit/debit notes and annulments with Excel bulk import, usable on mobile, tablet or PC; adoption is via a declaración jurada in e-Tax 2.0 with 15 days to activate [4][8]. The DGI publishes registration, PAC and certificate guidance [5][13].

17.3 Simplified regimes & threshold treatment

Providers with annual income below B/.36,000 are treated as non-contribuyentes (exempt from charging ITBMS and from withholding), and the free tool serves this segment; from 1 January 2026 exceeding B/.36,000 revenue or 100 documents/month forces migration to a paid PAC [12][21].

17.4 Subsidies, tax credits, grants

No dedicated subsidy or grant for e-invoicing adoption was identified; affordability rests on the free DGI tool plus low-cost PAC options, with the electronic-signature certificate being the main unavoidable prerequisite cost [4][13].

17.5 Compliance costs

For micro and small businesses the up-front cost is low (the DGI tool is free), with costs arising from the FEA certificate and, for growing businesses, PAC subscription fees from 2026; larger taxpayers bear system-integration costs [4][21]. The 2026 PAC threshold is the principal new SME cost driver [21].

17.6 Cash-flow & operational benefits

Benefits include recognised documents that secure ITBMS credit and deductions, faster reconciliation, reduced paper handling and the retirement of fiscal-printer maintenance [12][20].

17.7 Net administrative burden vs simplification

The balance is mixed: a free entry tool and a mature PAC network ease adoption, but the certificate requirement, the ITBMS withholding regime and the 2026 PAC migration add cost and complexity for growing small traders [4][38][21].

17.8 Market & competitive impact

The credit/deductibility link advantages compliant, authorized issuers in B2B and B2G markets, since buyers need a valid document to claim ITBMS and deductions [12][35].

17.9 Official assessments of SME readiness

The DGI’s staged rollout, free tool and PAC network indicate a broadly ready ecosystem, with the sub-B/.36,000 segment deliberately kept on a lighter regime until the 2026 threshold triggers PAC adoption for higher-volume issuers [4][21].

Chapter 18 — Practical Implementation Considerations

18.1 ERP / finance-system impacts

Larger businesses integrate their ERP with the SFEP through a PAC or middleware: SAP offers Panama coverage via SAP Document and Reporting Compliance (DRC), while Oracle and Microsoft Dynamics integrations are typically delivered through PACs such as EDICOM, Gosocket or The Factory HKA rather than native connectors [47][24]. The 2026 PAC rule raises the importance of a reliable PAC integration for higher-volume issuers [21].

18.2 Master-data prerequisites

Key prerequisites are an active RUC + NIT, an advanced electronic signature (FEA) certificate from the Registro Público, SFEP registration via declaración jurada, correct establishment/document-type configuration for the CUFE, buyer identification data and ITBMS rate/withholding setup; there are no Peppol IDs, as Peppol is not used [8][5][29].

18.3 Common pitfalls in early rollout

Documented pitfalls include lapsed or misconfigured FEA certificates, missing the 72-hour contingency transmission, treating the CAFE rather than the XML as the document of record, mishandling receiver-event windows (no events after 8 days), using the wrong note type (genérica for legacy documents), and delaying the 2026 migration from the free tool to a PAC [8][2][21].

18.4 Vendor / service-provider landscape

The DGI publishes the authoritative list of 18 PACs (including The Factory HKA, EDICOM Panamá, Gosocket Panamá, Hypernova Labs and Gurusoft); becoming a PAC requires fees and a B/.250,000 bond [7][6]. ERP localizations exist for SAP (DRC) and, via PACs, Oracle and Dynamics [47][24].

18.5 Governance & internal control

Because the DGI holds the authorized record, internal controls should cover FEA certificate lifecycle management, monitoring of validation/authorization and PAC transmission (48-hour), reconciliation of SFEP documents to the ITBMS return and the withholding reports, disciplined handling of notas de crédito/débito and receiver events, and validation that suppliers’ documents are authorized before claiming ITBMS credit [8][12][38].

Chapter 19 — Summary & Key Takeaways

19.1 Scope

Domestic B2B/B2G/B2C plus exports for essentially all RUC taxpayers; small issuers use the free tool within thresholds until the 2026 PAC trigger [24][21].

19.2 Format

National SFEP XML (Ficha Técnica) with FEA signature, CUFE and CAFE; PAC-delegated clearance; no Peppol/EN 16931 [9][29].

19.3 Timeline

Pilot 2016/2018; Decreto 766 (2020); Ley 256 (2021); new RUC 2022; sector calendars 2023; fiscal-equipment exception expiry 1 Mar 2024; PAC threshold 1 Jan 2026 [17][16][33][20][21].

19.4 How it works

The taxpayer’s signed XML is validated by a PAC (or free tool), which assigns the CUFE and Authorization of Use; the CAFE is delivered to the buyer and documents are reported to the DGI [3][8].

19.5 Key obligations

Hold an FEA certificate, register in the SFEP, issue authorized XML documents (via PAC or free tool), operate ITBMS withholding where applicable, retain XML 5 years, and file Formulario 430 monthly [8][12][11].

19.6 Main risks

The 2026 PAC migration, fiscal-equipment decommissioning, certificate lifecycle, and loss of ITBMS credit/deductibility for unauthorized documents [21][20][12].

19.7 SME implications

Free DGI tool for the sub-B/.36,000 segment; PAC required above B/.36,000 revenue or 100 documents/month from 2026; main cost is the FEA certificate [4][21].

19.8 ViDA / international readiness

ViDA N/A; PAC model like Mexico/Peru, non-interoperable with Peppol/EN 16931; domestic-only [43][29].

19.9 Critical dates & next steps (actionable)

In force now (from 1 Jan 2026): confirm PAC contracts for taxpayers above B/.36,000 revenue or 100 documents/month; low-volume issuers may retain the free tool [21].
Standing controls: manage FEA certificate renewals; validate supplier authorization before claiming ITBMS credit; observe the 72-hour contingency and 8-day receiver-event windows [8][2].
Verify with DGI/advisers: non-established/foreign-entity treatment, any ITBMS-return pre-filling, and the exact Código Fiscal article numbers for invoicing fines [25][11][36].

Chapter 20 — Official References & Sources

All URLs were checked during research on the information cut-off date, 6 July 2026. Sources flagged [>12 months] are older than 12 months and used for historical/background context (they remain the primary record for the events they describe). Where a primary figure varied across sources or a text was access-restricted, the position is identified in the body text and the caveat disclosed. Numbering [1]–[47] is stable across the booklet; [48] is the verification note.

20.1 Government portals (DGI / MEF)

[1] Base Legal — Factura Electrónica (single index of all laws, decrees & resolutions). DGI — Dirección General de Ingresos (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/Blegales

[2] Sistema de Factura Electrónica de Panamá (SFEP overview; receiver events). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/SistemaFEprd

[3] Proveedor Autorizado Calificado (PAC) — modality. DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/Pcalificado

[4] Facturador Gratuito (free DGI tool; eligibility; adoption). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/f-Gratuito

[5] Registro de Emisor FE (SFEP registration; declaración jurada). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7facturaelectronica/R-Emisorfe

[6] Requisitos para ser PAC (fees; B/.250,000 bond). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/rPac

[8] Preguntas Frecuentes (CUFE, CAFE, QR, 72h contingency, 48h PAC transmission, signature). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/fpreguntas

[9] Ficha Técnica de Factura Electrónica v1.10 (XML schema; web services). DGI (MEF), 2018/2019. https://dgi.mef.gob.pa/_7facturaelectronica/ftpiloto [>12 months]

[10] Ficha Técnica del PAC (provider integration). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7facturaelectronica/ftPAC

[11] Formulario 430 — Declaración Jurada del ITBMS (monthly; 15th; fines). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/DInforme/Formulario430

[12] ITBMS — Generalidades (rates; exemptions; art. 1057-V; withholding). DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/itbms/Generalidades

[13] Requisitos del Certificado de Firma Electrónica. DGI (MEF), accessed 2026. https://dgi.mef.gob.pa/_7FacturaElectronica/RCfirmaE

[14] Panamá moderniza su método de facturación (Ley 256; rationale). Ministerio de Economía y Finanzas (MEF), 2 Dec 2021. https://www.mef.gob.pa/en/2021/12/panama-moderniza-su-metodo-de-facturacion/ [>12 months]

[15] Excepción de uso de equipo fiscal vence el 1 de marzo. Ministerio de Economía y Finanzas (MEF), Jan 2024. https://www.mef.gob.pa/en/2024/01/excepcion-de-uso-de-equipo-fiscal-vence-el-1-de-marzo/ [>12 months]

20.2 Legislation & decrees (PDF / official)

[16] Ley 256 de 26 de noviembre de 2021 (keystone e-invoicing reform). DGI (official PDF), 26 Nov 2021. https://dgi.mef.gob.pa/_7FacturaElectronica/pdf/Ley%20256%20del%2026%20de%20noviembrede%202021.pdf [>12 months]

[17] Decreto Ejecutivo No. 766 de 29 de diciembre de 2020 (SFEP/PAC; CAFE). DGI (official PDF), 29 Dec 2020. https://dgi.mef.gob.pa/_7FacturaElectronica/pdf/Decreto%20766_29_Dic2020.pdf [>12 months]

[18] Decreto Ejecutivo No. 115 de 30 de enero de 2020 (first e-invoicing norms). DGI (official PDF), 30 Jan 2020. https://dgi.mef.gob.pa/_7FacturaElectronica/pdf/Decreto-115-30-enero-2020-FEP.pdf [>12 months]

[19] Decreto Ejecutivo No. 25 de 27 de junio de 2022 (implementation calendar). DGI (official PDF), 27 Jun 2022. https://dgi.mef.gob.pa/_7FacturaElectronica/pdf/Decreto25-27-junio-2022.pdf [>12 months]

[20] Resolución No. 201-0418 (fiscal-equipment exception expiry 1 Mar 2024). DGI (official PDF), 18 Jan 2024. https://dgi.mef.gob.pa/_7FacturaElectronica/pdf/RES-201-0418.pdf [>12 months]

[21] Resolución No. 201-6299 de 29 de julio de 2025 (SFEP user duties; PAC threshold from 1 Jan 2026). DGI (official PDF), 29 Jul 2025. https://dgi.mef.gob.pa/_7FacturaElectronica/pdf/Resolución%20201-6299%20de%2029%20de%20julio%20de%202025.pdf

[23] Decreto Ejecutivo No. 766 de 2020 (instrument record). vLex Panamá, 2020. https://vlex.com.pa/vid/decreto-ejecutivo-n-766-924628901 [>12 months]

20.3 Advisor, legal & technology publications

[24] Factura electrónica en Panamá: normativa, requisitos y PAC (rollout; 2026 PAC threshold). EDICOM, upd. 22 Oct 2025. https://edicomgroup.com/blog/state-electronic-invoicing-panama

[25] Electronic invoicing in Panama — country page. EDICOM, accessed 2026. https://edicomgroup.com/electronic-invoicing/panama

[26] Panama — Other taxes (ITBMS rates; exemptions; exports; retention). PwC Worldwide Tax Summaries, reviewed 18 Jan 2026. https://taxsummaries.pwc.com/panama/corporate/other-taxes

[27] Panama — e-invoicing compliance map (5-year archiving; signature). Basware, accessed 2026. https://www.basware.com/en/compliance-map/panama

[28] E-Invoicing in Panama (SI 58 timeline; requirements). Flick Network, accessed 2026. https://www.flick.network/en-pa/e-invoicing-in-panama

[29] E-invoicing and CTC models (delegated-clearance / PAC taxonomy). Pagero / Thomson Reuters, accessed 2026. https://europe.thomsonreuters.com/blog/e-invoicing-ctc-models

[30] ¿Qué es el CAFE (comprobante auxiliar de factura electrónica)?. The Factory HKA (DGI-authorized PAC), accessed 2026. https://helpdesk.thefactoryhka.com.pa/hc/es-419/articles/29593574063636–Qu%C3%A9-es-el-CAFE-o-comprobante-auxiliar-de-factura-electr%C3%B3nica

[31] Requisitos de facturación electrónica — Panamá (document types; genéricas; limits). CorvaTech, accessed 2026. https://www.corvatech.com/requisitos-facturacion-electronica/panama/

[32] Executive Decree 766 of December 2020 (legal summary). Kraemer & Kraemer, 31 Dec 2020. https://kraemerlaw.com/en/articles/executive-decree-766-of-december-2020/ [>12 months]

[33] Panama mandatory SFEP VAT e-invoicing extensions (sector calendar). vatcalc.com, 2023. https://www.vatcalc.com/panama/panama-mandatory-sfep-vat-e-invoicing-extensions/ [>12 months]

[34] E-invoicing to become mandatory for certain Panamanian taxpayers (2022 dates). VATupdate.com, 18 Nov 2021. https://www.vatupdate.com/2021/11/18/e-invoicing-to-become-mandatory-for-certain-panamanian-taxpayers/ [>12 months]

[35] Las infracciones en materia de facturación (fine schedule). La Prensa (Panamá), 2022. https://www.prensa.com/opinion/las-infracciones-en-materia-de-facturacion/ [>12 months]

[36] Incumplimientos objeto de multas y sanciones por parte de la DGI. PKF Central America, accessed 2026. https://pkf-central-america.com/panama/noticias-y-eventos/incumplimientos-objeto-de-multas-y-sanciones-por-parte-de-la-direccion-general-de-ingresos

[37] Preparándote para 2026: nuevos requisitos de facturación electrónica en Panamá. LLB Solutions, 8 Sep 2025. https://llbsolutions.com/es/preparandote-para-2026-nuevos-requisitos-de-facturacion-electronica-en-panama/

[38] Agentes de retención de ITBMS en Panamá (withholding; 50%; thresholds). ivacalculator.com, accessed 2026. https://ivacalculator.com/panama/agentes-retencion-itbms/

[39] Understanding ITBMS rates in Panama: 7%, 10% and 15%. Arosemena Noriega & Contreras (Anorco), accessed 2026. https://anorco.com/blog/understanding-itbms-rates-in-panama-7-10-and-15/

[40] The Invoicing System in the Republic of Panama. Fábrega Molino, accessed 2026. https://fmm.com.pa/the-invoicing-system-in-the-republic-of-panama/

[41] Facturación electrónica Panamá 2026: todo lo que debes saber. Alegra, accessed 2026. https://blog.alegra.com/panama/facturacion-electronica-panama/

[42] Surrender of tax equipment in Panama (desincorporación). Dentons Muñoz, Jul 2023. https://www.dentonsmunoz.com/es/insights/alerts/2023/july/6/surrender-tax-equipment-in-panama [>12 months]

20.4 Comparative, verification & ERP references

[43] Adoption of the VAT in the Digital Age (ViDA) package (11 March 2025). European Commission — Taxation and Customs Union, 11 Mar 2025. https://taxation-customs.ec.europa.eu/news/adoption-vat-digital-age-package-2025-03-11_en

[44] Electronic Invoicing in Latin America (regional benchmarking). Inter-American Development Bank (IADB), 2018. https://publications.iadb.org/publications/english/document/Electronic-Invoicing-in-Latin-America.pdf [>12 months]

[45] Electronic invoicing — a Latin American innovation with global reach. CIAT, accessed 2026. https://www.ciat.org/electronic-invoicing-a-latin-american-innovation-with-global-reach/?lang=en

[46] Verificar CUFE Panamá (CUFE structure & verification). CifraHQ, accessed 2026. https://cifrahq.com/verificar-cufe-panama.html

[47] Electronic invoicing compliance in Panama with SAP Document and Reporting Compliance. Crimson Partners, accessed 2026. https://crimson-partners.com/electronic-invoicing-compliance-in-panama-with-sap-document-and-reporting-compliance/

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