As an ITBMS taxpayer in Panama, you must periodically declare the tax before the DGI (the declaration is filed via the corresponding form, usually monthly). The logic is similar to a VAT: you declare the ITBMS you've charged clients (output) and subtract the ITBMS you've paid on purchases and deductible expenses (input).
The problem isn't the formula, it's keeping track: each invoice you issue adds ITBMS charged, and each expense with its ITBMS adds credit. Without a system, reconstructing this each period in a spreadsheet is tedious and error-prone.
FacturaHub automates it: it classifies the ITBMS on your invoices by rate (7%, 10%, 15%) and on your expenses, and shows you the period summary — charged, paid and result — ready for you or your accountant to prepare the declaration. Export the detail as CSV whenever you need it.
And you feed it by talking: invoice with the AI, upload receipts by photo. At period close you have the ITBMS reconciled, no surprises. The free plan includes the calculation and report.
Cross-references invoices with expenses. Period result.
Automatically classified by rate.
Detail ready for you or your accountant.
Fed by the AI and receipt photos.
FacturaHub prepares and leaves the ITBMS detail ready (charged, paid, result); filing before the DGI is done by you or your accountant.
Usually monthly; confirm your case with your accountant or the DGI.