Electronic invoicing is at the centre of a regulatory evolution in Spain and in the European Union. This change responds to key objectives such as the digitalisation of processes, tax control and the fight against late payment. The most relevant aspects of the recent reforms and their impact on the business fabric are analysed below.
The approval of Royal Decree 1007/2023 and Law 18/2022, known as the “Create and Grow Law”, has created a framework for the mandatory implementation of electronic invoicing in the private sector.
- Implementation Requirements and Deadlines:
- Companies with a turnover of more than €8 million will have one year from the adoption of the regulation to adapt their systems. For the rest, the deadline will be two years.
- Technical Specifications:
- Electronic invoices must comply with a structured and official format and be compatible with existing platforms that guarantee their traceability.
- Late payment control:
- Electronic invoicing will make it possible to monitor compliance with business-to-business payment deadlines, set at 60 days by Law 15/2010.
- Non-compliant companies will be penalised by exclusion from public subsidies and tenders.
Complementing the provisions of the “Create and Grow Law”, the VERI*FACTU system, introduced by Royal Decree 1007/2023, plays a key role in modernising invoicing processes by ensuring the integrity of accounting and tax records. Its main features include:
The generation of fingerprints (hashes) to guarantee the integrity of the records.
- Traceability and data storage in structured formats.
- The possibility of integration with VAT register books, which facilitates tax compliance.
The European Union is also moving towards full digitisation with Directive 2006/112/EC and the VAT in the Digital Age (ViDA) project. From 2028, businesses will be required to issue intra-EU e-invoices under EN 16931 and report B2B transactions within two days, eliminating recapitulative statements through a pan-European system.
The implementation of these systems represents a significant challenge, especially for SMEs and micro-enterprises. However, it also opens up new opportunities:
- Process Optimisation;
- Transparency and Competitiveness;
- Access to Grants and Public Procurement.
In conclusion, the move to e-invoicing represents a modernisation of tax systems, helping to reduce fraud and increase efficiency. Although it can be a challenge for many businesses, it also offers opportunities to improve and adapt to the digital environment. It is important for businesses to start preparing as early as possible.
