Here’s the translation into American English:
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As the implementation date for the Veri*Factu system approaches, a significant portion of self-employed individuals and small to medium-sized enterprises (SMEs) in Spain is showing a concerning lack of awareness about this new obligation. A recent analysis reveals that nearly half of those surveyed, 47.3%, are not aware of this technical requirement, which will become mandatory starting January 1, 2026, for limited and public companies, and from July 1 of the same year for self-employed workers.
Veri*Factu is an initiative by the Tax Agency (AEAT) that will require invoicing software to meet certain technical specifications to ensure the validity of the issued invoices. The regulations state that those who do not comply could face economic penalties of up to 50,000 euros per tax year. Alarmingly, 25.4% of respondents have yet to begin implementing this tool, relying on the belief that there is still time to do so.
The main goal of Veri*Factu is to combat tax fraud and facilitate the digitalization of invoicing processes, ensuring the transparency and traceability of issued invoices. This means that invoices must be recorded immediately and securely, and be available for real-time verification by the Tax Authority.
Companies or self-employed individuals required to implement Veri*Factu must meet certain conditions, such as not invoicing exclusively in a manual manner and not being exempt from the regulations. Ignoring this obligation can lead to not only penalties but also operational issues that could delay invoice payments and damage the business’s reputation with larger companies that demand compliance.
In summary, the lack of knowledge and preparedness for the imminent arrival of Veri*Factu could result in severe economic and operational consequences for self-employed individuals and SMEs that do not adapt in time. The countdown has begun, and the urgency of the situation calls for immediate attention from business owners.
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via: MiMub in Spanish
