The system Verifactu, also known as ‘VeriFactura’, is a key measure within the Real Decreto 1619/2012 and the recent Ley Crea y Crece which regulates invoicing in Spain. This system seeks to modernise and digitalise invoicing processes, in line with the Tax Agency’s strategy to improve the fight against fraud and tax evasion.
What is Verifactu?
Verifactu is a mandatory electronic invoicing system that aims to guarantee the authenticity, integrity and traceability of all invoices issued and received in Spain. This new regulation obliges companies to use certified invoicing software, which allows invoices to be registered automatically and in real time with the Tax Agency.
This automation process not only aims to facilitate tax control and improve transparency, but also to strengthen consumer and customer confidence in the companies that adopt this system.
Project Objectives
Verifactu’s main objectives include:
- Preventing tax fraud: By registering invoices electronically and in real time, the possibilities of manipulation or falsification of documents are reduced, improving control by the Tax Agency.
- Improving transparency: Digitisation of invoices ensures that data is easily accessible, facilitating both audits and the traceability of commercial transactions.
- Aligning the Spanish system with international standards: Verifactu follows the trend of many other countries that have already implemented similar systems to modernise their tax processes.
Who is affected?
This system will affect all companies and freelancers operating in Spain, regardless of their size or sector of activity. The regulation establishes a deadline for companies to adapt their invoicing systems to the Verifactu requirements. Large companies will be the first to implement it, while small and medium-sized enterprises (SMEs) and the self-employed will have a longer transition period, which will last until 2025.
Advantages for companies
Although the transition to e-invoicing can be challenging for many companies, the long-term benefits are significant:
- Simplification of processes: The system reduces the administrative burden associated with paper invoicing, eliminating errors and improving operational efficiency.
- Greater security and control: Digitisation of invoices ensures greater control over tax records, reducing the risk of fraud or penalties.
- Better image to customers: Adopting e-invoicing systems can strengthen a company’s reputation by demonstrating a commitment to transparency and modernisation.
Conclusion
The Verifactu system represents a key evolution in the digitalisation of tax obligations in Spain. Although its implementation may pose technological challenges for some companies, its correct adoption will offer greater security, transparency and efficiency in invoicing processes. It is crucial that companies start preparing now to ensure a smooth transition to the new legal framework.
This publication does not constitute legal advice.
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