Digital transformation has knocked on the doors of Panama with the introduction of electronic invoicing, a significant change that promises to modernize business operations and ensure greater fiscal transparency. At JVD Consultants, as a leading firm in legal consulting, we commit to guiding our client companies through this new scenario, ensuring their full compliance with current regulations.

What is Electronic Invoicing?

Electronic invoicing is a system that allows the issuance, receipt, storage, and management of invoices digitally, replacing traditional paper with electronic formats that have the same legal validity. This system not only optimizes accounting and administrative processes but also contributes to environmental sustainability.

Legal Framework in Panama

The government of Panama has implemented electronic invoicing as part of its fiscal modernization strategy. Through the General Directorate of Revenue (DGI), a legal framework regulating the issuance of electronic invoices has been established, ensuring their acceptance as valid tax receipts.

Legal Benefits and Compliance

Adopting electronic invoicing is not only a legal requirement but also offers significant advantages for companies in terms of tax compliance. It facilitates auditing and control by the authorities, minimizes billing errors, and reduces the risk of non-compliance and sanctions.

Challenges and Legal Considerations

However, adopting electronic invoicing also presents challenges, especially regarding data privacy and cybersecurity. Companies must ensure that their systems comply with personal data protection and information security regulations.

Electronic invoicing is more than an administrative change; it is an opportunity for Panamanian companies to improve their efficiency, transparency, and legal compliance.

For more information on how we can help your company with electronic invoicing and other legal challenges, contact us today.

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