What is VERIFACTU and How to Prepare Your Business
30 October, 2024
–
Comptable, Fiscal
–
Ana Sebastián
Under the Anti-Fraud Law, the Spanish Tax Agency (AEAT) has introduced the obligation for companies and self-employed workers who use invoicing programs to adapt them to the new regulations. In addition, with VERIFACTU, invoicing records can be sent to the AEAT immediately, making them more secure, unalterable and verifiable, boosting tax transparency and reducing tax evasion.
###
Background: The Anti-Fraud Law and the Origin of VERIFACTU
The Anti-Fraud Law aims to combat the underground economy and improve transparency by preventing the use of “sales suppression software” (called “dual-use software”). To this end, a framework is established where all invoicing processes must be accessible and auditable. The regulation establishes that all entrepreneurs and self-employed workers who are obliged to issue invoices, except those who comply with the Immediate Supply of Information (SII) system, will have to adapt to this regulation.
###
Requirements for Billing Programs
Invoicing programs are required to ensure the integrity and accessibility of records, which implies:
Obligation to use “approved” invoicing software that meets the established technical requirements in such a way as to guarantee the integrity, conservation, accessibility, readability, traceability and inalterability of the invoicing records.
Incorporation of a chained hash’ to each invoice. In other words, each invoice generates a unique footprint that links it to certain elements of previous invoices, so that an alteration in any invoice alters the aforementioned footprint.
Electronic signature of billing records. It will not be necessary in the event of voluntary sending of data to the Tax Agency.
Certification of the producers and marketers of the invoicing software by means of a responsible declaration on compliance with the technical requirements as provided for by the Regulation and the Ministerial Order.
QR printing on invoices: invoices or tickets must contain a QR code and an alphanumeric code with the basic information required. (Except in the case of electronic invoicing)
###
Penalties for Non-Compliance
Failure to comply with these regulations entails severe penalties, both for users and for software manufacturers and distributors:
Fines for users: Companies and freelancers who do not use approved software face fines of up to 50,000 euros per fiscal year. These fines seek to prevent the use of non-certified programs and discourage fraud.
Sanctions for software developers: Suppliers who do not comply with the established requirements can receive fines of up to 150,000 euros per year. This puts manufacturers on an additional responsibility to ensure that their software complies with the law.
Lack of certification of programs: The sale or distribution of programs without the required certificates can lead to fines of up to 1,000 euros per license.
###
Compliance options
There are two modalities, of an optional nature, for taxpayers:
No Referral (NO VERIFACTU): The invoicing software must keep an event record at the local headquarters. It is the computer system itself that will have to ensure the integrity of the records.
It must be kept for 4 years and the responsibility will be the manufacturer and the user of the program.
The system will also have to have the capacity to submit since the records and the record of events must be sent when the AEAT requests it.
There will be greater control pressure by the AEAT.
Simultaneous Submission (VERIFACTU): Here, each billing record is transmitted directly to the AEAT in real time through messages in XML format. The VERIFACTU system allows the AEAT to obtain immediate information on each invoice issued. This also makes life easier for the taxpayer, as it allows access to services such as filling out pre-declarations and the possibility of accessing the lists of invoices issued and received from their suppliers.
###
Benefits of Implementing VERIFACTU
Adopting VERIFACTU is not only compliant but also offers several competitive advantages:
Tax Transparency: This system allows customers to check the validity of each invoice, strengthening trust.
Assistance in Tax Management: The AEAT provides access to a list of invoices issued and received, as well as a tax pre-declaration system.
Less fiscal control: With the simultaneous transmission system, the AEAT’s verification and verification actions will be reduced, saving time and money for the taxpayer.
###
Recommendations for Adapting to VERIFACTU
The implementation of VERIFACTU involves certain changes, and to make a smooth transition, here are some recommendations:
Check with your software vendor: If you already use an invoicing program, check with your vendor about VERIFCAT certification and compliance. Approval is an unavoidable requirement, and it is the responsibility of the supplier to provide a responsible declaration of conformity with the regulation.
Evaluate software options: If you don’t already have invoicing software, research the various programs that offer solutions for VERIFACTU. It is essential that the chosen software meets all the requirements.
Take advantage of the AEAT’s assistance services: Micro-enterprises will have access to a simplified invoicing system through the AEAT that complies with VERIFACTU, facilitating compliance with tax obligations.
Document billing processes: Adapt and optimize your billing processes to ensure you are compliant and avoid penalties.
###
Deadlines
The Anti-Fraud Law establishes that companies must have their systems adapted by July 1, 2025. To this end, developers and manufacturers were given a period of 9 months from the approval of the Ministerial Order on technical development, which was approved on October 28, 2024, entering into force the following day.
###
Frequently Asked Questions about VERIFACTU
To clarify frequently asked questions, here are some common questions about VERIFACTU:
Who is obliged to adapt their billing systems? All companies and self-employed workers who issue invoices in Spain are obliged to adapt their invoicing systems to these changes, except for specific exceptions such as those included in the SII.
What does the “chained hash” in invoices imply? This process creates a unique footprint that links each invoice to previous ones, preventing unauthorized alterations to the system.
Do I need to have a digital certificate? Yes. The submission of records requires identification and authentication systems. Also, in the event that you do not opt for VERIFACTU, the billing and event records must be signed electronically.
Is the use of electronic signatures mandatory on all invoices? Yes, it will be mandatory in all registration and cancellation records except when there has been voluntary sending of data to the AEAT (Verifiable Invoice Issuance Systems))
What if my invoicing software is not certified? If you use a non-approved program, you could face significant fines of up to €50,000 annually.
How do I opt for the VERIFACTU system? Through the same computer billing system, it can be started at any time as VERIF\*FACTU and, once started, it must be maintained at least until December 31 of the same year.
How do I opt out of the VERIFACTU system? Through the same submission of records. It will simply be necessary to fill in the field provided for this purpose before the end of the year and indicating the last date on which it will operate as VERI\*FACTU.
Do all invoices have to contain a QR code? Yes. They must contain a QR of size 30×30 and 40×40. Additional information information on the AEAT’s electronic office a.
In addition, in the case of invoices issued by a VERIFACTU system, it must contain the phrase “Verifiable invoice in the electronic headquarters of the AEAT” or “VERIFACTU”
###
Case Study: How a Company Benefits from VERIFACTU
To illustrate the benefits of VERIFACTU, let’s assume the case of a small service company. By implementing a compliant billing system, this company:
Avoid controls and sanctions: With the right software, stay compliant without worrying about penalties. If you opt for the submission of billing records, the control of the AEAT is reduced.
Improve your image in the eyes of customers: Customers can verify invoices at the AEAT, increasing their confidence in the company.
Optimize your tax management: Access pre-declarations and invoice listings, facilitating financial control and internal management.
###
Conclusion: VERIFACTU as a Strategic Investment
The adaptation of invoicing programs is not only a legal requirement, but also an opportunity to improve the administrative management of your company. Implementing a system that complies with AEAT standards can help you strengthen tax transparency and gain the trust of your customers, while reducing the risk of AEAT verification actions and inspections as well as possible penalties.
At MES Advocats, we help you to accompany you in this transition. Our team of experts in tax law offers you complete advice on the implementation of VERIFACTU, ensuring that your invoicing processes comply with the regulations and improve your competitiveness in the market. Contact us in this link to adapt your business to the new legal reality and protect it from sanctions.
###
---
