According to the latest update of Panama’s Ministry of Economy and Finance; the adoption of electronic invoicing mechanisms for several activities has been extended by the Executive Decree No. 3 issued on 20 January 2023. The new extension covers the followings:
– Public passenger transport services (1 March 2023)
– The operations and services of the banks and financial institutions (30 April 2023, 30 June 2023, 31 August 2023 in three phases)
The banks which have an international license and direct from an office that established in Panama, transactions which taking effect abroad and carrying out activities that Superintendency of Banks authorizes, stay exempted as long as they dont generate taxable incomes in the territory of Panama.
The banks which have an international and a general license are obliged to the implementation of e-Invoicing while operations and services are covered under the general license, those that are covered under the international license are exempt.
– The operations of stock market, other financial entities and the insurance sector (31 August 2023)
Also the adoption of e-Invoicing of the operations carried out between companies that operate within free zones, and special regimes has been extended to 30 June 2023. These operations include;
– Baru Free Zone
– City of Knowledge
– Free Trade Zone
– Oil Free Zone
– Headquarters of Multinational Companies (SEM)
– Panama Pacific Special Economic Area (AEEPP)
– Colon Free Zone (ZLC)
– Multinational Companies for the Provision of Services
– Related to Manufacturing (EMMA)