- Retention Periods: According to Law 58/2003, invoices must be retained for a minimum of four years; however, other regulations may extend this period to five or six years depending on specific circumstances, such as the Commercial Code’s requirements for entrepreneurs.
- Documentation Obligations: With the rise of digitalization and electronic invoicing, it is crucial to understand retention deadlines to avoid tax violations, as failing to keep invoices can result in fines of 2% of unregistered transaction values or a flat fee of 300 euros for each missing invoice.
- Compliance and Best Practices: Properly storing invoices involves ensuring accessibility and readability, documenting all modifications, and retaining not only invoices but also related documents like receipts and delivery notes; businesses should consult relevant regulations and potentially seek advice from tax professionals to maintain compliance and avoid penalties.
Source Madridinforma.eldiario.es
