The Verifactu system, also known as ‘VeriFactura’, is a key measure within Law 11/2021, of 9 July, on the prevention and fight against tax fraud, whose regulation was approved on 5 December 2023 by Royal Decree 1007/2023. Although its regulatory development is already advanced, the system is not yet in force, as the Ministerial Order with the technical specifications that software developers must follow to adapt their systems to this regulation has yet to be approved.
¿Qué es 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. The regulation, once in force, will oblige companies to use certified invoicing software that registers invoices in real time with the Tax Agency.
This automation process aims not only 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.
- Improve transparency: Digitisation of invoices ensures that data is easily accessible, facilitating both audits and 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. Large companies are expected to be the first to implement it, while small and medium-sized enterprises (SMEs) and the self-employed will have a longer transition period, probably until 2025.
Advantages for companies
Although the transition to e-invoicing can be challenging for many companies, the long-term benefits are significant:
- Process simplification: 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.
- Improved image with 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, which will be implemented once the Ministerial Order with the technical specifications is approved.
This publication does not constitute legal advice.
_____
How can we help you from LAW4DIGITAL?
At LAW4DIGITAL we are lawyers specialized in digital businesses. We provide comprehensive legal advice to digital companies. We help you with online legal advice.
We will keep you updated on digital business. In any case, you can contact us by mail addressed to hola@law4digital.comby calling (+34) 931 444 820 or by filling out our form at law4digital.com.
We are waiting for you in the next post!
Law4Digital team.