- Mandatory Electronic Invoicing Framework: The Spanish Ministry of Economy has initiated a second public hearing for the draft Royal Decree that will require all B2B invoices to be electronic, eliminating the previous exception for voluntary paper invoicing. The UBL standard will be adopted for data exchange, and the regulations clarify payment terms and verification processes.
- Implementation Timeline and Scope: The new regulations will come into effect one year after the Ministerial Order approves the public invoicing solution. Initially, large companies with annual turnovers exceeding €8 million will be required to issue electronic invoices, followed by all SMEs and freelancers one year later.
- Penalties and Compliance: Non-compliance with the electronic invoicing requirements will lead to penalties as defined by existing tax laws. The regulations also allow for cost deductions related to implementing electronic invoicing systems, aimed at easing the transition for businesses.
Source Edicom
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
