Wednesday, August 10

Project that establishes electronic invoicing is approved in the third debate

The full of the National Assembly of Deputies, in the presence of the Deputy Minister of Finance in charge, Publio De Gracia Tejada, approved in third debate the draft Law No. 721, that modifies articles to the Law 76 of 1976, by which some articles of the Tax Code and other tax measures are adopted.

The new norm adopts tax measures related to the obligation to issue an invoice or equivalent document, as a method of support for all operations for the sale of goods and provision of services carried out within Panamanian territory.

Recognizing the invoices or equivalent documents issued not only through the authorized fiscal teams, but also those issued by the Electronic Invoice System of Panama (SFEP), thus adapting the use of this document to modern times, underlined Of grace.

He stressed that the SFEP has a free biller, which will be very useful for natural and legal persons with a monthly billing of up to 200 bills and annual declared income of up to $1,000,000.

The Vice Minister of Finance, manager, stated that the regulations will help to ensure the reduction of possible tax evasion or fraud, to improve the collection of fair taxes established by the tax law of the Republic of Panama, as well as to considerably reduce the carbon footprint, with the minimization of the use of paper in the issuance of invoices.

He pointed out that, with the new provision, the tax administration strengthens the treasury-taxpayer relationship, by improving the quality of information received, optimizing billing methods and a more effective tax control, which translates into the modernization of the State and the positioning of the country at the technological forefront in tax matters.

Finally, he mentioned that, through the regulation, activities such as: oil-derived cargo transportation services, banking services, services provided in the exercise of liberal professions, among others; which must be implemented as a billing method by the tax teams or the SFEP.

However, he emphasized that said activities should carry out the implementation of these billing methods in a staggered manner, according to the calendar that will soon be published by the DGI, in conjunction with the regulation of this standard.