Revised schedule for e-invoicing
Executive Decree No, 3, dated January 2023, has effectively amended Executive Decree No. 25, dated 27 June 2022. The amendment has introduced some significant modifications, in particular relating to the timeframe for e-invoicing timeline in Panama. In Panama, taxpayers can opt to use authorised fiscal equipment or process tax invoices through the national e-invoicing system, the Sistema de Facturacion Electronica de Panama (SFEP). The amendment confirms that the obligation to use e-invoicing is maintained from 2 January 2023 for the following entities:
- Private entities authorized by the Panama Maritime Authority to guarantee compliance with construction, navigation, etc regulations;
- Petroleum derivative cargo transportation services;
- Hostels with less than 7 rooms;
- Leasing real estate under notarized contracts or registered with the Ministry of Housing, by natural or legal persons that manage their own assets.
- 1 March 2023 for:
- International public passenger transport services by land, air, or sea; and
- National public transport services by air;
- A phased approach starting from 30 April 2023, 30 June 2023, and 31 August 2023 for operations and services carried out by banks and other financial institutions, including financial leasing companies and investment funds, as well as banking credit, trust, or financial institutions governed by special laws, cooperatives, savings fund institutions, pension funds, retirement and social security funds, and savings and loan entities; and
- 31 August 2023 for:
- Operations carried out on the stock market;
- Operations carried out by the Insurance sector; and
- Operations carried out by other financial institutions not specified.
- Baru Free Zone (Zona Franca del BarÃº);
- City of Knowledge (Ciudad del Saber);
- Free Zones (Zonas Francas);
- Petroleum Free Zone (Zona Libre de Petróleo);
- Multinational Enterprises Headquarters Regime (Sede Empresas Multinacionales - SEM);
- Panama Pacifico Special Economic Zone (Ãrea Económica Especial Panamá Pacifico - AEEPP);
- Colon Free Zone (Zona Libre de Colón - ZLC); and
- Multinational Company regime for the provision of services related to Manufacturing (Empresas Multinacionales para la prestación de servicios relacionados con la Manufactura - EMMA), which has been added to schedule.