Spain’s push towards e-Invoicing has seen significant progress, especially with its Verifactu initiative. This project primarily targets smaller companies outside the Immediate Information Supply (SII) system, specifically those with a turnover of less than €6 million. The aim is to streamline e-Invoicing practices and increase transparency within the financial ecosystem for small and medium-sized businesses.
Verifactu: Progress and Probable Delays
According to recent updates from public authorities, the Verifactu project is well underway. The Ministerial Order that will guide its implementation is expected to be published soon, and the test portal has already been made available on the AEAT website, accompanied by updated technical documentation.
However, the original deadline for implementation – set for July 1, 2024 – is now uncertain. A probable delay has been announced, pushing the expected compliance date to early 2026. It is essential to highlight that this delay will not impact companies already under the SII system or cases of self- invoicing. This makes the Verifactu project primarily relevant to smaller businesses in Spain that are not yet accustomed to e-invoicing requirements.
What’s Next for Businesses?
With these delays and ongoing updates, it is crucial for affected companies to stay informed and prepare their invoicing systems for the upcoming changes. Businesses should start by:
- Reviewing Current Invoicing Systems: Ensure your systems are ready to accommodate e- Invoicing requirements as outlined in the Verifactu project.
- Staying Updated on New Announcements: Regularly check for updates from the Spanish Tax Agency (AEAT) regarding the implementation schedule and requirements.
- Consulting E-Invoicing Experts: Consider partnering with e-invoicing solution providers to ensure compliance and streamline the transition process.
Spain’s journey towards full digitalization of its invoicing processes is ongoing. While Verifactu’s timeline may have shifted, understanding the latest developments and preparing proactively will help businesses stay ahead of regulatory changes.
