Type: Legislation
Spain’s Royal Decree 1007/2023, influenced by changes to the General Tax Law, introduces the ‘Veri*factu’ regulation to enhance the reliability and traceability of billing records, with a focus on combatting tax fraud. This regulation represents a pivotal moment in digitalization for businesses, aiming to improve Tax Agency services and simplify tax-related tasks like record-keeping and model preparation.
The ‘Verifactu’ data structure will also lay the groundwork for broader adoption of electronic invoicing, aligned with upcoming technical specifications outlined in the B2B Electronic Invoicing Regulation. While exceptions exist for certain territories and businesses utilizing alternative reporting methods, compliance with ‘Verifactu’ is mandatory by July 1, 2025.
Recognizing potential financial burdens, especially for SMEs and self-employed individuals, the government plans to support compliance efforts through the Recovery, Transformation, and Resilience Plan. This regulation underscores Spain’s commitment to standardizing electronic billing processes, promoting tax compliance, and advancing digitalization in the business landscape.
Effective date: July 1st, 2025
