Extensions for final deadline on implementation of electronic invoicing
The 1 January 2023 deadline for a range of taxpayers to join the Ministry of Finance’s mandatory e-invoicing regime has been extended as follows:
- Transport services to 1 March 2023
- Financial services 30 April 2023 (two latter stages to June and August)
- Free trade zones 31 August 2023
- Taxpayers on Panama stock exchange to 31 August 2023
DGI prepares for 2023 final rollout phase of electronic invoicing.
Since 2021, a pilot roll out is underway of mandatory e-invoicing for all new taxpayers on the Electronic Invoicing System SFEP (sistema de facturación electrónica de Panamá). Part of the aim of the pilot is to withdraw the use of fiscal cash registers.
The third round of rollout will now commence from March 2023. Panama’s system is built on the same processes as Mexico and Peru.
Check VAT Calc’s global live VAT invoice transaction and e-invoice reporting tracker to see where else real-time submissions of invoices is being implemented.
Key features of Panama’s SFEP e-invoicing
- A free e-invoice creation services is available for taxpayers B 1million(approx €900k or $1million); or less than 200 transactions per month.
- Suppliers must seek permission from DGI to issue e-invoices instead of using fiscal devices, and be granted an electronic certificate issued by the National Directorate of Electronic Signature
- Invoices should be converted into XML for live transmission
- Like Mexico and Peru, an Authorised Qualified Provider (‘PAC’) e-invoice agent must be appointed, or the taxpayer may use the free online invoicing DGI portal, Facturador Gratuito
- Each invoice is give a Unique Electronic Invoice Code (CUFE) number
Central and South America e-invoicing
|Country||Date||Comments (click for details)|
|Argentina||2003||e-Factura Electronic Authorization Code system|
|Bolivia||Dec 2021||SFE Pre-clearance model|
|Brazil||2005||Nota Fiscal Electronic NF-e|
|Chile||2001||DTE tax invoice|
|Colombia||Nov 2020||e-invoice CUFE|
|Dominican Republic||2024||Mandatory e-invoicing phased introduction|
|Ecuador||2014||SFEP VAT e-invoicing|
|El Salvador||2022||Pre-clearance e-invoicing law passed|
|Mexico||2011||Pre-clearance e-invoice CFDI|
|Panama||2021||SFEP VAT e-invoicing with third-party agent required|
|Paraguay||2022||Marangatú, a pre-clearance e-invoice system started 1 Jan 2022|
|Peru||2010||Pre-clearance invoice; requirement for approved e-invoice agent|
|Uruguay||2019||CFE pre-clearnance e-invoicing|