The banking sector contributes to the use of electronic accounts

He Panama Electronic Invoice System maintains a base of more than 37,500 users from various economic sectors, said the Director General of Revenue (DGI), Ministry of Economy and Finance (MEF), Publio De Gracia.

according to Executive Decree no. 3 of January 20, 2023the entry into force of the implementation of the electronic invoicing system has been extended for some sectors, especially segmenting by stages, operations and services provided by banks and other financial institutions, emphasized De Gracia.

He added that on April 30, 2023, the first phase for operations and services in general provided by banks and other financial institutions in the adoption of electronic invoicing system of Panamawhich covers the concepts of commissions for services rendered.

He believes that this is a milestone achieved by a pioneer in the sector Credicorp Bank, then Banco Aliado and Tower Bank Internacional.

He repeated “this is an effort we make not only to the tax administration, but as a country to show national and international community than in Panama commercial, business and banking activities take place in a transparent manner”.

For his part, the Deputy General Director Credicorp Bank and Executive Vice President of Operations and Support, Miguel González, said “it is important for the bank to be one of the initiators of this electronic invoicing process. What we are asking is to be transparent with the commissions and interest that must be invoiced for the benefit of the entire country”.

He emphasized that, with the fulfillment of this milestone, DGI seeks to generate great progress within its digitization process, give options to taxpayers to facilitate the use of this alternative, thereby reducing compliance costs and creating value for companies through synergies in managing their day-to-day operations, automating processes and reducing costs among other benefits.

The tax bill It is evidence of the supply of a product or the provision of a service that affects both taxpayers.

In this sense, Law 76 from 1976 i amended by Law 256 of November 26, 2021determines that the issuance of an invoice or an equivalent document is mandatory to prove all operations related to the transfer, sale of goods and provision of services, as well as the return of documents, discounts and, in general, all types of operations performed in Panama territory.