Published on December 6, 2023, Royal Decree 1007/2023 marks a significant moment in overseeing computer systems used for billing. This decree, resulting directly from changes made to Article 29.2.j) of the General Tax Law by Law 11/2021, aims to strengthen the reliability, accessibility, and traceability of billing records. The ‘Veri*factu’ regulation aims to tackle tax fraud by setting strict technical standards for electronic billing systems.
Beyond its primary goal of combating tax evasion, the ‘Veri*factu’ regulation signals a new era of digitalization for businesses. It opens up opportunities for improved services from the Tax Agency, making tasks such as tax record-keeping and model preparation easier. Moreover, this identical ‘Veri*factu’ data structure will serve as the foundation for a more comprehensive model intended for the adoption of electronic invoicing. This advanced model will come into play once it receives approval and the transitional phases outlined in the draft conclusion of the B2B Electronic Invoicing Regulation, as per the provisions of Article 12 of Law 18/2022.
While the regulation applies nationwide, there are exceptions for specific territories and businesses already using alternative reporting methods like the Immediate Supply of Information (SII). Nonetheless, all affected entities must comply with the ‘Veri*factu’ regulation by July 1, 2025. Recognizing the financial implications of compliance, especially for small and medium enterprises (SMEs) and self-employed individuals, the government plans to offer support through the Recovery, Transformation, and Resilience Plan. The regulation’s alignment with the upcoming technical details emphasize:
- The conditions of the computer application for subsidiary use developed by the Tax Agency.
- The structure, format and technical characteristics of the invoice registration record data.
- The structure, format and technical characteristics of the cancellation record data.
- Requirements for the fingerprint or ‘hash’ and the electronic signature of previous records.
- The structure, format and characteristics of the information in the responsible declaration or self-certification of software manufacturers.
- The technical specifications of the voluntary submission of ‘Veri*factu’.
- The tools to integrate billing records into record books.
- The deadlines and way to resign from ‘Veri*factu’.
The ‘Veri*factu’ regulation marks a significant step towards standardizing electronic billing processes, strengthening tax compliance, and fostering digitalization in the business world.
