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Electronic Invoicing Panama
The electronic invoicing system adopted by Panama is a clearance model similar to that of Mexico, as it requires invoices to be validated by an authorised entity known as a Qualified Authorized Provider (PAC). The General Revenue Office granted PACs the legal right to grant authorisation for the use of the electronic invoice to taxpayers.
In 2019, Panama started an e-Invoicing pilot program with the largest taxpayers of the country.
The Continuous Transaction Controls (CTC) model is already developed, the main particularity of this model is that an e-invoice will be approved or cleared by an Accredited Service Provider (ASP) instead of the Tax Authority.
The taxpayer will have to create an XML file with the electronic certificate and send it to the ASP for clearance. At the same time, the taxpayer will need to send the invoice to the buyer in an agreed format. The most common practice is to send a PDF via e-mail, but this method requires including a QR code for automatic processing. After receiving the invoice from the supplier, the buyer will have the option to validate it with the Tax Authority.
The Ministry of Finance has extended the implementation of the Panama Electronic Invoicing System (SFEP), affecting companies according to the following timelines
- January 2023, for transportation services of petroleum products, property leasing activities, inns, and hotels with less than 7 rooms, among others.
- March 2023, for transport services
- April, June, and August 2023, for financial services
- September 2023, for free trade zones, insurance sector, and stock and commodities
Want to learn more about e-Invoicing compliance?
Download our Global e-invoicing and Tax Compliance fact sheet here for more information.
Electronic Invoicing Panama
The electronic invoicing system adopted by Panama is a clearance model similar to that of Mexico, as it requires invoices to be validated by an authorised entity known as a Qualified Authorized Provider (PAC). The General Revenue Office granted PACs the legal right to grant authorisation for the use of the electronic invoice to taxpayers.
In 2019, Panama started an e-Invoicing pilot program with the largest taxpayers of the country.
The Continuous Transaction Controls (CTC) model is already developed, the main particularity of this model is that an e-invoice will be approved or cleared by an Accredited Service Provider (ASP) instead of the Tax Authority.
The taxpayer will have to create an XML file with the electronic certificate and send it to the ASP for clearance. At the same time, the taxpayer will need to send the invoice to the buyer in an agreed format. The most common practice is to send a PDF via e-mail, but this method requires including a QR code for automatic processing. After receiving the invoice from the supplier, the buyer will have the option to validate it with the Tax Authority.
The Ministry of Finance has extended the implementation of the Panama Electronic Invoicing System (SFEP), affecting companies according to the following timelines
- January 2023, for transportation services of petroleum products, property leasing activities, inns, and hotels with less than 7 rooms, among others.
- March 2023, for transport services
- April, June, and August 2023, for financial services
- September 2023, for free trade zones, insurance sector, and stock and commodities
Want to learn more about e-Invoicing compliance?
Download our Global e-invoicing and Tax Compliance fact sheet here for more information.
Archiving
Panama’s electronic invoicing system known as Sistema de Factura Electrónica de Panamá (SFEP) consists of a set of rules, documents and systems related to electronic invoicing. The e-invoice is accompanied by an Auxiliary Electronic Invoice Proof (CAFE), an electronic file or paper that contains the representative image of the electronic invoice.
Issuers enrolled in the SFEP e-invoicing system must save all received and issued invoices in their electronic formats until the related tax requirements have expired – for example, 5 years for sales tax. E-invoice recipients that are not enrolled in SFEP must keep a copy of the CAFE until the related tax requirements have expired.
All invoices must be retained for a minimum of 5 years.
Want to know more about Basware’s archiving services?
Download our Basware Vault fact sheet here to learn more about our flexible and scalable solution.
Archiving
Panama’s electronic invoicing system known as Sistema de Factura Electrónica de Panamá (SFEP) consists of a set of rules, documents and systems related to electronic invoicing. The e-invoice is accompanied by an Auxiliary Electronic Invoice Proof (CAFE), an electronic file or paper that contains the representative image of the electronic invoice.
Issuers enrolled in the SFEP e-invoicing system must save all received and issued invoices in their electronic formats until the related tax requirements have expired – for example, 5 years for sales tax. E-invoice recipients that are not enrolled in SFEP must keep a copy of the CAFE until the related tax requirements have expired.
All invoices must be retained for a minimum of 5 years.
Want to know more about Basware’s archiving services?
Download our Basware Vault fact sheet here to learn more about our flexible and scalable solution.
Basware Services
Once e-invoicing becomes fully mandatory for all taxpayers we can enable services in Panama within a reasonable time upon customer request.
Want to find out how we can help in your specific case?
Speak to a member of our team to learn more.
Basware Services
Once e-invoicing becomes fully mandatory for all taxpayers we can enable services in Panama within a reasonable time upon customer request.
Want to find out how we can help in your specific case?
Speak to a member of our team to learn more.
Interoperability
Basware currently has no connections to any interoperability partners in the Panama.
Interoperability
Basware currently has no connections to any interoperability partners in the Panama.
Our advice
Once e-invoicing becomes fully mandatory for all taxpayers, Basware can provide services in Panama within a reasonable time upon customer request.
Want to understand how we can help in your case?
Get in touch with our experts.
Our advice
Once e-invoicing becomes fully mandatory for all taxpayers, Basware can provide services in Panama within a reasonable time upon customer request.
Want to understand how we can help in your case?
Get in touch with our experts.
Electronic Invoicing Panama
The electronic invoicing system adopted by Panama is a clearance model similar to that of Mexico, as it requires invoices to be validated by an authorised entity known as a Qualified Authorized Provider (PAC). The General Revenue Office granted PACs the legal right to grant authorisation for the use of the electronic invoice to taxpayers.
In 2019, Panama started an e-Invoicing pilot program with the largest taxpayers of the country.
The Continuous Transaction Controls (CTC) model is already developed, the main particularity of this model is that an e-invoice will be approved or cleared by an Accredited Service Provider (ASP) instead of the Tax Authority.
The taxpayer will have to create an XML file with the electronic certificate and send it to the ASP for clearance. At the same time, the taxpayer will need to send the invoice to the buyer in an agreed format. The most common practice is to send a PDF via e-mail, but this method requires including a QR code for automatic processing. After receiving the invoice from the supplier, the buyer will have the option to validate it with the Tax Authority.
The Ministry of Finance has extended the implementation of the Panama Electronic Invoicing System (SFEP), affecting companies according to the following timelines
- January 2023, for transportation services of petroleum products, property leasing activities, inns, and hotels with less than 7 rooms, among others.
- March 2023, for transport services
- April, June, and August 2023, for financial services
- September 2023, for free trade zones, insurance sector, and stock and commodities
Want to learn more about e-Invoicing compliance?
Download our Global e-invoicing and Tax Compliance fact sheet here for more information.
Archiving
Panama’s electronic invoicing system known as Sistema de Factura Electrónica de Panamá (SFEP) consists of a set of rules, documents and systems related to electronic invoicing. The e-invoice is accompanied by an Auxiliary Electronic Invoice Proof (CAFE), an electronic file or paper that contains the representative image of the electronic invoice.
Issuers enrolled in the SFEP e-invoicing system must save all received and issued invoices in their electronic formats until the related tax requirements have expired – for example, 5 years for sales tax. E-invoice recipients that are not enrolled in SFEP must keep a copy of the CAFE until the related tax requirements have expired.
All invoices must be retained for a minimum of 5 years.
Want to know more about Basware’s archiving services?
Download our Basware Vault fact sheet here to learn more about our flexible and scalable solution.
Basware Services
Once e-invoicing becomes fully mandatory for all taxpayers we can enable services in Panama within a reasonable time upon customer request.
Want to find out how we can help in your specific case?
Speak to a member of our team to learn more.
Interoperability
Basware currently has no connections to any interoperability partners in the Panama.
Our advice
Once e-invoicing becomes fully mandatory for all taxpayers, Basware can provide services in Panama within a reasonable time upon customer request.
Want to understand how we can help in your case?
Get in touch with our experts.
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