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Spain is undergoing a significant shift in how businesses handle invoicing, driven by the Anti-Fraud Law and the Create and Grow Law. This article clarifies the distinctions between "VERI*FACTU" and "Non-VERI*FACTU" invoicing platforms and their implications for your business. Understanding these differences is crucial for ensuring compliance and adapting to the evolving digital landscape of Spanish commerce.
What is VERI*FACTU?
VERI*FACTU is an electronic invoice verification system developed by the Agencia Tributaria (AEAT) – the Spanish Tax Agency – to combat tax fraud and promote the digitisation of accounting processes for companies and the self-employed. This system aims to ensure the reliability of issued invoices and make them practically impossible to manipulate, thereby increasing transparency and trust in commercial transactions.
As a core component of the Anti-Fraud Law, VERI*FACTU mandates that all invoicing software incorporate this verification system to achieve AEAT-certified status. This requirement sets a new standard for quality and security in electronic invoice issuance, aligning with the digital needs of the modern business environment.
Key requirements for VERI*FACTU platforms
Platforms seeking "VERI*FACTU compatible" certification from the AEAT must adhere to specific requirements that differ from platforms that do not seek this certification ("Non-VERI*FACTU"). Here's a comparative overview:
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The role of the Create and Grow Law
While VERI*FACTU, as part of the Anti-Fraud Law, focuses on the technical specifications of invoicing software to prevent fraud, the Create and Grow Law takes a broader approach to modernising business operations. A key element of this law is the mandate for electronic invoicing in all B2B transactions.
This mandate aims to improve efficiency, reduce payment delays, and further drive digitalisation across the Spanish business landscape. The Create and Grow Law also introduces the Spanish Electronic Invoicing System (Sistema Español de Factura Electrónica, SEFE), which will consist of private e-invoicing platforms and a public repository managed by the AEAT.
Connecting the laws
It's important to understand how these laws intersect:
The Anti-Fraud Law (VERI*FACTU) sets the technical standards for how invoicing software should operate to ensure security and prevent fraud.
The Create and Grow Law mandates the use of e-invoicing and establishes the SEFE system for managing electronic invoices.
Therefore, software developers and businesses in Spain must consider both laws to ensure compliance.
Looking ahead
Spain's commitment to digital transformation is evident in these legal developments. Initiatives like the EU-level VAT in the Digital Age (ViDA) also contribute to this shift. While the exact timelines and details may evolve, it's clear that electronic invoicing with robust security measures is the future of business in Spain.
To navigate these changes effectively, businesses need to adopt compliant e-invoicing solutions. Platforms like ours are designed to meet the requirements of both VERI*FACTU and the Create and Grow Law, ensuring a smooth transition to the future of invoicing.