He Ministry of Economy and Finance (MPEG) reported that since January in 2024 All people engaged in freelance activities in Panama will have an obligation to issue electronic invoices.
The invoicing obligation extends to various liberal professionsincluding lawyers, architects, doctors, accountants, journalists, plumbers, electriciansand to everyone who offers a service.
In accordance with Liam Vásquez, Head of the Electronic Invoices Department of the General Administration of Revenue (DGI) of the MEFmeasure established by Law 256 of November 26, 2021puts a dot on the exception that was pending for scheduling.
Vásquez emphasized that electronic billing has two modalities. The first is the free billing offered by DGI, allowing up to 500 documents for those within the range million dollars gross annual income and for small micro-entrepreneurs with income up to 36,000 dollarsthe use of this application will be unlimited.
The official stated that the total to date 58,124 Taxpayers already use electronic invoicing, but he pointed out that the Court is still waiting for the issuance of warnings.
Vásquez reiterated the call for registration and use of electronic billing, especially through the free portal provided by DGI.
As for the consequences of not issuing invoices electronically, Vásquez explained that the sanctions for those who do not comply begin in 1000 dollars in the first case, with the main goal of educating and inviting taxpayers to register and comply with the regulations.
The head of electronic billing invited experts to take the initial step by registering with the DGI and emphasized that the use of electronic billing is mandatory from 2022 for new registrations and from October 2023 for state suppliers.
Finally, Vásquez reminded those who are not yet registered that they have options such as free collection, and if they exceed the allowed ranges, they will be able to turn to authorized and authenticated suppliers, noting that, even in cash transactions, collection is essential as a documentary support.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
