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February 1, 2023
Panama’s Ministry of Economy and Finance extends term for implementation of electronic invoicing system
Through Executive Decree No. 3 issued on 20 January 2023, Panama’s Ministry of Economy and Finance grants an extension for the adoption of electronic invoicing mechanisms for several activities that were initially required to adopt one of the mechanisms available (“fiscal equipment” or the Panama’s Electronic Invoicing System) starting on 2 January 2023 and 1 February 2023.
According to the extension granted, the new terms are:
In addition, the adoption of invoicing methods for free trade zones and special regimes was also extended:
Since SEMs and EMMAs are exempt from the use of fiscal equipment, they must exclusively adopt Panama's Electronic Invoicing System as their invoicing method.
The effective date of the obligation for the implementation of invoicing methods for activities not listed here will be established in other regulations to be issue by the corresponding authorities.
The Executive Decree became effective from its publication in the Official Gazette on 23 January 2023.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Limited Corp., Panama City
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific