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By Executive Decree No. 3 of January 20, 2023, the General Directorate of Revenue (DGI) issued Resolution No. 201-0717 of January 26, 2023, regulating the phases in which banks and other financial institutions must implement the use of authorized fiscal equipment or the Panama Electronic Invoicing System (SFEP), for the operations and services they perform.
Below is a breakdown of the phases and implementation date:
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Implementation date |
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|---|---|---|
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Phase 1 : In this phase, banks and other financial institutions will implement the use of the SFEP for all fees for services provided, such as:
Commissions and Surcharges
Services
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Starting April 30, 2023 |
|
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Phase 2 : In this phase, banks and other financial institutions will implement the use of the SFEP for the interest generated by the services provided, such as:
Interest Earned by:
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Starting June 30, 2023 |
|
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Phase 3 : In this phase, the use of SFEP will be implemented for financial services provided by banks and other financial institutions such as:
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Starting August 31, 2023 . |
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On the other hand, banks with an international license, which direct, from an office established in Panama, transactions that are perfected, consummated or have their effects abroad, and carry out activities that require authorization from the Superintendency of Banks, are exempt from the implementation of the Electronic Billing System, as long as they do not generate taxable income within the Territory of the Republic of Panama.
Banks holding a general license and an international license are required to use the SFEP for financial operations provided under the General License, with operations and services under the International License being exempt from using the SFEP.
This Executive Decree entered into force upon its promulgation in the Official Gazette on January 26, 2023.
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Meitner Gonzalez