New Spanish regulations on computerised invoicing systems and the VERIFACTU systems

Essential requirements for invoicing systems

The invoicing system must prevent the records generated from being altered, concealed, or deleted without a trace. Any correction or cancellation must be made by means of a subsequent record, whilst retaining the data originally recorded. The records must be sequenced from first to last, dated to allow the sequence of creation to be traced, and any alteration to the trail to be detected.

For every invoice issued or cancelled, an invoicing record must be generated automatically, either simultaneously with, or immediately prior to, its issue. Creation and cancellation records must be produced in XML format.

Each record must include a hash (unique digital fingerprint) and, as a rule, be electronically signed. The signature must use the XAdES Enveloped Signature standard and a valid qualified electronic certificate issued by a provider included on the European Trusted List. 

VERIFACTU systems

The VERIFACTU system is a type of IT system that continuously submits all invoicing records to the Spanish tax authorities automatically, securely, correctly, in full, consecutively, instantly, and reliably. The use of VERIFACTU systems is voluntary.

VERIFACTU systems are presumed, by design, to comply with certain requirements relating to retention, verification, signing, and internal control. For this reason, the records do not need to be electronically signed: it is sufficient to calculate their digital fingerprint or hash. 

Affidavit and administrative control

The manufacturer of the invoicing system must issue a declaration of compliance certifying that the system complies with the regulations and technical specifications. This must be visible in every version of the system and retained for submission to the customer or the tax authorities upon request. 

Conclusion

VERIFACTU is a voluntary compliance scheme based on the automatic and continuous submission of invoicing records to the Spanish tax authorities. Its main advantage is the presumption of compliance by design with certain requirements and the replacement of the electronic signature with the calculation of the hash.

The general invoicing regime requires records that are unalterable, chained, dated, retained and exportable, together with an event log and a declaration of responsibility from the issuer. Corrections must be documented by means of subsequent records, and cancellations by means of specific records.

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Carlos Frühbeck Olmedo is a member of the Spanish Official Register of Chartered Accountants. He speaks English and German fluently and is currently Managing Partner of Ficesa Treuhand, S.A.P. Carlos is also Regional Vice Chair Europe of the GGI International Taxation Practice Group (ITPG).