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06 February 2023

Panama’s Tax Authority issues a calendar with implementation phases of the electronic invoicing system for operations and services carried out by banks and financial institutions

  • This Alert summarizes the three phases that banks and other financial institutions must implement with respect to the use of authorized fiscal equipment or the Electronic Invoice System of Panama for the operations and services they carry out.

Based on Executive Decree No. 3 of 20 January 2023, the General Directorate of Revenues (DGI) issued Resolution No. 201-0717 of 26 January 2023, setting forth the phases in which banks and other financial institutions must implement the use of authorized fiscal equipment or the Electronic Invoice System of Panama (SFEP for its acronym in Spanish), for the operations and services they carry out.

The following outlines the details of each phase and the respective implementation date:

Phase I – Start date of 30 April 2023

In this phase, banks and other financial institutions must implement the use of the

SFEP for all commissions for services provided, such as:

Commissions and surcharges

Commissions for savings accounts

Surcharges on savings accounts

Commissions on fixed term deposits

Current account commissions

Current account surcharges

Electronic commerce commissions

Commissions for loans

Fees for overdrafts

Services

Online banking

Mobile banking

Checks sent and received for collection

Safe deposit boxes

Bank drafts

Certification of checks

Gift certificates

Cashier's checks

Local and international transfers

Bank guarantees

Documentary collections

Credit letters

Promissory notes

Other charges for services rendered

Phase II – Start date of 30 June 2023

In this phase, banks and other financial institutions must implement the use of the

SFEP for the interest generated by services provided, such as:

Interest Earned by:

Personal loans

Mortgage loans

Automobile loans

Pledge loans

Commercial loans

Lines of credit

Internal financing line loans

Lines of credit advance

Overdrafts

Phase III – Start date of 31 August 2023

The use of the SFEP must be implemented for financial services provided by banks and other financial institutions such as:

Investment banking

Money exchange

Fund administrators

Investment funds

Savings funds

Pension funds

Retirement and social welfare funds

Credit unions

Finance companies

Insurance and reinsurance companies

Factoring

Trustees

Financial leasing companies

Credit cards

ATMs

Notwithstanding the above, banks with an international license, which, from an office established in Panama, manage transactions that are perfected, consumed, or take effect abroad, and carry out activities that require authorization from the Superintendency of Banks, are exempted from the implementation of the SFEP, as long as they do not generate taxable income within Panama.

Banks with a general license and an international license are required to use the SFEP for the financial operations covered under the General License but the operations covered under the International License are excepted from the use of the SFEP.

Finally, this Executive Decree became effective from its publication in the Official Gazette of the Republic of Panama on 26 January 2023.

_________________________________________

For additional information with respect to this Alert, please contact the:

Ernst & Young Limited Corp., Panama City

Rafael Sayagues | rafael.sayagues@cr.ey.com

  • Luis Ocando | luis.ocando@pa.ey.com

  • Carlos Márquez | carlos.marquez@pa.ey.com

  • Meitner Gonzalez | meitner.gonzalez@pa.ey.com

    Ernst & Young LLP (United States), Latin American Business Center, New York

    Lucas Moreno | lucas.moreno1@ey.com

    Ana Mingramm | ana.mingramm@ey.com

    Pablo Wejcman | pablo.wejcman@ey.com

    Enrique Perez Grovas | enrique.perezgrovas@ey.com

    Ernst & Young LLP (United Kingdom), Latin American Business Center, London

    Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

    Raul Moreno, Tokyo | raul.moreno@jp.ey.com

  • Luis Coronado, Singapore | luis.coronado@sg.ey.com

    Document ID: 2023-5146

     
     

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