Panama has issued a new resolution announcing the implementation of a pilot program that will mandate the use of electronic invoices for VAT reporting in Panama.
The General Directorate of Revenues (DGI) has indicated that they will be implementing the new invoicing system during the first semester of 2018, with 30 companies participating in a pilot program, to test the validity of the mandate. According to Resolution 201-0235, gazetted on January 11, 2018, the electronic invoices issued by the taxpayers in the pilot program will be considered in the same manner that is currently utilized by the DGI for paper invoices. At this stage, the electronic invoices will only be required and accepted by the DGI from those taxpayers authorized to participate in the pilot program. The DGI has also indicated that further resolutions will be released, which will specify the other requirements established under this new eInvoice mandate.
About the Author
Katie Smethurst is a Junior Regulatory Counsel at Sovos. Within Sovos’ Regulatory Counsel function, Katie focuses primarily on international and U.S. based indirect tax research and analysis. Katie is a member of the Massachusetts and New Hampshire Bars, earned her B.A. from Roger Williams University and earned her J.D. from Suffolk University Law School.More Content by Kaitlyn Smethurst