Digitalization.
Transparency.
The fight against tax fraud and late payment.
This process has led to the introduction of various measures and laws, including:
Anti-fraud law
Create and Grow Law
Each of these laws, in its line database development, will bring about the achievement of several objectives, but to make it simple we will say that the first is against fraud and the second against late payment.
To understand this, we will discuss the details and timing of each of them.
Anti-fraud law:
One of the objectives of this law is to ensure that the computer or electronic systems of any company or self-employed person with economic activity comply with the principles of integrity, conservation, legibility, traceability, accessibility and inalterability of billing records.
To this end, the AEAT promotes the VERI*FACTU system as an online invoice verification system , allowing the AEAT to verify the authenticity of these invoices in real time.
While it is true that the law does not require integration with the VERI*FACTU system, it is clear that any company that does not use it will have to demonstrate how it complies with the anti-fraud law, with all that this entails.
Who does it affect?
This law affects corporate tax payers or personal income tax payers who carry out economic activities, except for regional territories with their own systems and companies covered by the SII (Immediate Supply of Information).
When does it come into force?
The regulation governing VERI*FACTU specifications (RD 1007/2023) came into force on the day following its publication, that is, December 7, 2023.
When will it be mandatory?
Following the publication of Royal Decree 1007/2023, any self-employed person, SME or large company must use, before July 1, 2025, billing software adapted to Verifactu
How are invoices identified using the VeriFactu system?
Invoices that use this system for verification will have the following markings and features:
QR code. All invoices issued using this verification system must include a QR code that will allow the recipient to verify the authenticity of the invoice.
Veri*Factu stamp. Each invoice must be stamped with the name or phrase identified by the veri*factu system in order to be valid and identifiable.
Sending information to the Treasury. The invoice validated by this system will allow it to be sent to the AEAT
Event Log. The computer system that complies with this regulation must keep a record for each invoice issued and event produced by the software (Inputs, Outputs, updates, etc.)
Create and Grow Law
This law is 18/2022 published on September 28, 2022. And the measures contained in this law and I quote verbatim "... are aimed at speeding up the creation of companies, improving regulations for the development of economic activities, reducing commercial late payments and facilitating access to financing, will contribute to improving the business climate in our country, with the foreseeable positive indirect effects associated in terms of foreign investment and job creation."
Article 12 establishes the obligation of electronic invoicing for all companies and self-employed workers throughout the national territory.
Who does it affect?
In this case, it affects all companies and self-employed workers throughout the national territory.
When does it come into force?
There is no regulation yet, and it is estimated that once it is developed, two sections will be established, namely:
1st SECTION: Companies with a turnover of more than €8MM will have 12 months to adopt it.
2nd SECTION: Companies with less than €8MM in turnover will have 24 months.
When will it be mandatory?
As we mentioned in the previous paragraph, this law is still pending regulation, therefore, there are no specific dates of obligation, but we estimate that during 2026 and 2027 this obligation will become a reality.
What do we call electronic invoice?
For many, an electronic invoice may be a PDF invoice received through an electronic channel such as email. But, unfortunately, I have to say that this is far from reality.
An electronic invoice is a computer code that is almost impossible to interpret by the human eye, with all the information necessary for another computer system to be able to interpret it and create the corresponding invoice record. Obviously, a standardization process is needed between the issuer and the receiver, and this is the format that must be previously chosen.
There have been some standard formats used by large stores for many years, e.g. EDIFac or others used by public administrations, e.g. eFactura.
**Differentiating between the Anti-Fraud Law and Other Tax Regulations in Spain**
It is essential to distinguish the Anti-Fraud Law from the Create and Grow Law. While the former focuses on preventing tax fraud and transparency in business operations, the latter seeks to boost economic growth by, among other things, combating late payments.
