Discover what is Veri*factu
04 January 2024
We kick off the new year and want to ensure you are informed about the latest developments related to the Law.
On December 5th, the regulation for the Anti-Fraud Law was published, one of the billing initiatives that will impact companies in the coming years.
The implementation of the new Veri*factu system, driven by the Anti-Fraud Law, marks a significant milestone. This system aims to enhance transparency in billing by facilitating the automated submission of records to the State Tax Agency (AEAT) through electronic means. Find out why you should be proactive in its implementation!
What is Veri*factu and why is it so relevant?
Veri*factu not only complies with tax regulations but also promotes transparency and efficiency in business billing. Backed by the Tax Agency, its main focus is combating tax fraud by encouraging digitization and automation in business tax processes. Its scope of application is throughout the Spanish territory.
How does Veri*factu impact your business?
Veri*factu will change how you interact with your records. You will need specific software to generate a simultaneous or prior record before issuing each invoice, ensuring immutability, traceability, and security. These records can be voluntarily submitted to the tax agency. But don't worry, as this change will not only comply with regulations but also streamline your billing process.
This regulation sets forth a series of requirements for billing solutions to prevent manipulation or concealment of data, with penalties of up to €50,000 for non-compliance.
Key Features of the Veri*factu System
- QR Code: Verifactu invoices must include a QR code containing a series of identifying data.
- Declaration of Compliance: Software applications must confirm compliance with the Regulation of Requirements for Billing Software Solutions, ensuring adherence to established regulations.
- Automatic Submission: The most convenient and government-backed option is the automatic submission of each billing record to the Tax Office. This ensures compliance with all legal requirements.
- Traceability: The Verifactu system requires the generation of an unalterable event log, providing traceability that must be preserved until tax obligations expire.
When and who does Veri*factu affect?
While we still await final approval, it is essential to prepare in advance. Veri*factu will affect all taxpayers engaged in economic activities, regardless of whether they are subject to Personal Income Tax (IRPF) or Corporate Income Tax. Stay informed about deadlines and ensure that your billing software system is adapted before July 1, 2025.
Advantages you cannot ignore:
- Trust Seal: Invoicing through Verifactu demonstrates your commitment to fiscal transparency, building trust with your customers and business associates.
- Facilitates Accounting: Automation of the billing process makes filing tax models easier, saving you time and resources in your accounting work.
- Transparent Economy: Contributing to the fight against tax fraud strengthens the economy by reducing the incidence of illegitimate practices.
- Unification and Digitization: Verifactu promotes digitization and streamlines processes, offering long-term time and cost savings.
Prepare for the Future with Veri*factu-Adapted Software
If you're ready to step towards billing excellence, at ALBIRA Solutions, we guarantee a seamless transition. Our solutions are 100% adapted to the Administration's requirements. Get ready for the future of business billing, saving time and money!