- Impact of #Verifactu on VAT Record-Keeping: With the implementation of the #Verifactu project, the obligation to maintain VAT records remains unchanged, meaning businesses still need to keep invoices, maintain VAT books, and submit informative VAT declarations (such as models 390 or 347).
- Overlap Between Records: The information required in the new electronic invoicing records aligns closely with that of the existing issued invoice records (#LRFE). Since there is no specific format mandated for these records, existing systems (SIFs) could potentially serve as the #LRFE.
- Retention of Records: While the #Verifactu model introduces new formal obligations, it does not eliminate the requirement to maintain records sent to the AEAT (Spanish Tax Agency). In contrast, the #NoVerifactu model allows taxpayers to fulfill both obligations by retaining their records, simplifying compliance.
Source Rufina de la Rosa
See also
Briefing document: Spain’s VeriFactu Verified Billing System – VATupdate
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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