ITBMS (Tax on the Transfer of Movable Goods and Services) is Panama's consumption tax, equivalent to VAT in other countries. The general rate is 7%, but there are special rates: 10% for lodging and alcoholic beverages, and 15% for tobacco products. Most professional services are taxed at 7%.
On each invoice you must apply the ITBMS that corresponds to the good or service, break it down (base, ITBMS, total) and record it on the e-invoice. FacturaHub does this automatically: you pick the product or service and it applies the correct rate, with a clear breakdown for the client and the DGI.
As a taxpayer, the ITBMS you charge clients you declare and pay to the DGI, and you may consider the ITBMS paid on your purchases under the applicable rules. FacturaHub records both — from your invoices and your expenses — so you have a clear picture when filing.
Some transactions are exempt or have special treatment (for example, export of services). FacturaHub lets you mark the invoice accordingly so the electronic document reflects the correct treatment.
You operate all of this by talking: "invoice 500 to Café Marítimo, ITBMS 7%" with the AI and the e-invoice comes out with the right breakdown. The free plan includes ITBMS calculation and breakdown.
7% general, 10% (lodging, alcohol), 15% (tobacco). FacturaHub applies it.
Base, ITBMS and total on every e-invoice, for the client and the DGI.
Also record the ITBMS on your purchases for your filing.
Mark exempt or export operations; the document reflects it.
7%. There are special rates of 10% (lodging, alcoholic beverages) and 15% (tobacco).
Yes. It applies the correct rate by product or service and breaks it down on the e-invoice.