By Sonia Sánchez Almodóvar, Corporate Area Lawyer.
The recent Crea y Crece Law (Law 18/2022, of September 28, on the creation and growth of companies) brings with it an important transformation in the business environment in Spain: the mandatory electronic invoicing. This change seeks to modernize the business fabric, reduce late payments in transactions and promote financial transparency, especially in small and medium-sized enterprises (SMEs).
Electronic invoicing consists of the issuance, reception and storage of invoices in digital format, complying with legal and technical requirements that ensure its fiscal and commercial validity. With the new regulations, all companies and self-employed individuals will be obliged to use this system, progressively eliminating paper invoices.
This change will be implemented gradually; companies with a turnover of more than 8 million euros must adopt electronic invoicing within one year after the approval of the corresponding technical regulation; for the rest of the companies and self-employed individuals, the obligation will apply within two years from the approval of the regulation that is expected for 2025.
Additionally, Law 11/2021, on measures for the prevention and fight against tax fraud (Anti-Fraud Law), introduces additional requirements for electronic invoicing programs that will come into force in July 2025. This regulation seeks to prevent the use of dual-use software, which allows the manipulation of accounting records to evade taxes. In addition, the Anti-Fraud Law introduces specific changes in the issuance of invoices; all invoices must include a QR code and the digital fingerprint of the previous invoice. The requirements established in said law and article 29.2 j) of the LGT will be understood to be met using the Verifactu system.
Adopting electronic invoicing requires certain steps that companies and self-employed individuals must begin to implement, such as; acquiring electronic invoicing software, training staff to manage it, and reviewing internal processes.
These changes imply an initial investment in technology and training that can negatively affect SMEs and the self-employed in the efficient management of their businesses. Therefore, Godia Asesores Tributarios has implemented an electronic invoicing program so that our clients can issue their invoices in compliance with all legal requirements, without having to make a large financial investment and, above all, of time, a very precious asset for our clients.
At Godia Asesores Tributarios we help you adapt your company to the most up-to-date regulations.