Executive Decree No. 114 (30 January 2020) sets forth the rules regarding the adoption of “tax equipment” with respect to the issuance of tax receipts and other documents.
The executive decree provides taxpayers must certify that their current tax equipment (equipos fiscales) is capable of adapting to the new regulations, or otherwise, they must obtain new tax equipment to document their operations.
These new measures seek to standardize the documents issued by using approved tax equipment with regard to transfers, sales of goods, and provisions of services. Accordingly, the tax equipment must be authorized by the tax authority, for purposes of processing, recording, issuing, and storing tax receipts. Approval or authorization of existing equipment must be applied for by 30 July 2020 (six months from the publication of the executive decree).
Read a March 2020 report (Spanish) prepared by the KPMG member firm in Panama
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