The Tax Agency has launched Verifactu, a new e-billing system, which will enter into force progressively in 2025. The objective is clear: reduce tax fraud and end up with the software of dual-use that allows you to manipulate bills.
From its implementation, each bill will a identification code unique and will be recorded in real-time to the Treasury.
How does it work Verifactu?
- Each invoice generated with Verifactu will have a unique code.
- The information will be automatically sent to the Tax Agency.
- There will be No possibility to modify invoices once they have been issued.
This level of control allows the Treasury to monitor comprehensively the economic activity of self-employed and businesses.
The big challenge for freelancers and smes
In practice, the implementation of Verifactu is not a simple process technician. For smes, digital business or shops with billing systems online can be a real challenge.
We speak not only to update a program:
- In many cases it will be necessary to change of billing provider.
- Must be taken to ensure that each invoice meets the standards required by the Treasury.
- The daily processes of those who sell online will be directly affected.
The problem is not the idea, but the administrative burden and technological that that entails. A poor implementation can lead to loss of time and money, in addition to sanctions if they comply with the regulations.
What is most troubling is that many businesses are still they are not ready for this change, and adapt is not always as easy as installing a plugin, or activate a check box in the current software.
Advantages and disadvantages
Advantages:
- Transparency and traceability in the billing.
- End of software of dual-use.
- Reduction of the shadow economy.
Disadvantages:
- Increasing the administrative burden.
- Additional costs for software and implementation.
- Risk of penalties for errors in the adaptation.
From our experience, Verifactu is a measure that seeks to strengthen the fiscal control, but you can become a true headache for smes and freelancers.
We believe that it would be necessary a period of adaptation realisticaccompanied by technical assistance and training for small businesses to not look drowned out by the bureaucracy.
Verifactu will mark a before and an after in the billing in Spain. While providing security and transparency, it also forces you to self-employed and businesses to take a technological leap that it is not always simple.
Does your company is prepared to Verifactu?
In IURIT we will help you adapt your billing systems, comply with regulations and avoid penalties. Click here and speak with our experts now.
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