Tuesday 19th October, 2021
Electronic Invoicing is set to become mandatory for Spanish companies after it was included in a new measure. The measure was published by the ‘Dirección General de Política Económica’ in the Law for the Company Growth and Creation.
This initiative is part of the recovery and resilience plan, an aid plan financed by the European Union to mitigate the social and economic impact caused by the pandemic.
Although the Spanish government has not published the legal requirements for the new electronic invoicing system companies will have to:
• Exchange electronic invoices with other companies and contractors.
• Grant easy access, visualisation, and download to electronic invoice recipients.
• Maintain access to electronic invoices for 4 years.
The implementation for electronic Invoicing will be conducted in phases according to company size.
Phase 1: large companies that invoice over 8 million Euros in 1 year (1 year after the law was published)
Phase 2: All other companies (3 years after the law was published)
The Spanish government has begun the Digital Toolkit program which seeks to help companies financially so they can adopt the necessary technology to implement the electronic invoice as a business digitalisation measure. According to Edicom.