The Panama Tax Administration (DGI) has issued a massive regulation detailing the requirements surrounding a new eInvoicing mandate that will be imposed on select taxpayers pursuant to a six month pilot program. The pilot will ultimately set the stage for a comprehensive eInvoicing requirement.
The new publication (Resolution 201-0697/2018) which is more than 200 pages long, describes the formats, procedures and standards that will be used in the deploying the mandate. In addition to all the requisite technical specifications (schemas, .xml and .xsd file formats etc.) the Resolution also lists the 43 companies that will be required to participate in the pilot.
Companies participating in the pilot will be required to sign, issue, receive and report electronic invoices. According to the Resolution, the Panamanian mandate will follow a pre-clearance model, but only for business to business transactions. More detail regarding the mandate and the pilot program can be found at the following link: https://www.gacetaoficial.gob.pa/pdfTemp/28460_A/GacetaNo_28460a_20180206.pdf
About the Author
As Tax Counsel, Ramon is licensed to practice law in the Dominican Republic and is a member of the Dominican Bar Association. He has a Certificate Degree from Harvard University as well as a JD from the Universidad Autonoma de Santo Domingo.Ramon has written many essays about tax administration, and for one of them won the first prize in the international essays contest sponsored by the Inter American Center of Tax Administrations (CIAT). Prior to joining Sovos Compliance, Ramon worked for more than 10 years in the Department of Revenue of the Dominican Republic where he served as Deputy Director. He is proficient in French and Spanish.More Content by Ramon Frias