Panama has taken an important step towards tax transparency with the launching of the Tax Lottery, an initiative promoted by the Ministry of Economy and Finance (MEF) which seeks to incentivize consumers to request invoices with their RUC on every purchase. This tool not only promotes commercial formality, but also rewards those who comply with their fiscal duties.
Below, we explain in detail how it works, how to participate and its benefits.
What is it and how does it work?
It is a program that rewards consumers who order electronic invoices with your RUC every time they purchase a good or service.
Each valid invoice is automatically converted into a participation within the draws to be carried out periodically by the MEF.
What is considered a valid participation?
- Electronic invoices
- Issued with buyer's RUC
- Generated by registered businesses
The more purchases you make by requesting an invoice, the more chances you have to participate and win.
How to participate?
It is very simple:
Always request electronic invoices with your RUC.
Every purchase is another chance to win.
2. Check that the invoice has been duly issued.
Verify that your data is correct.
3. Follow the MEF announcements
They will be announced there:
- Dates of the drawings
- Awards
- Results
- Program updates
4. You do not need to register additionally
Your RUC is your identifier. Once the invoice is registered in the system, you automatically participate.
Benefits for taxpayers
In addition to participating in the drawings, the Tax Lottery offers direct benefits to citizens:
1. Rewards for requesting invoices
Users will be eligible to win financial prizes (as announced by the MEF in each drawing).
Promotion of consumer rights
Requesting an invoice guarantees that your purchase is formalized and registered.
3. Contribution to a more formal economy
Every invoice requested helps to combat informal activities and tax evasion.
4. Improvement of public services
By increasing revenues, the State can invest more effectively in infrastructure, health, education and security.
We can say that the Tax Lottery is an innovative initiative that seeks to promote the culture of asking for an invoice, strengthen transparency and reward those who comply with their responsibilities. It is a joint effort between consumers, businesses and the State to promote a fairer and more formal economy.