Fence sunken economy there will be one soon new vehicle. HE Ministry of Economy and Digital Transformation reported that he received this Wednesday public consultation HE royal decree developing a project to implement electronic invoice in business transactions between companies and professionals. So called Create and Grow Law It intends the generalization of billing to “result in a reduction in commercial criminality to guarantee greater agility and control of payments.” But no one realizes that centralized electronic invoicing will allow many transactions to surface that are currently incomprehensible to tax authorities.
The ministry, led by Nadia Calviño, said, “The measure will reduce transaction costs, advance the digitization of SMEs and the self-employed, and ensure the availability of reliable, systematic and agile information on effective payment terms.” In order to achieve these goals and facilitate their implementation among SMEs and self-employed, the Administration has given these companies a Basic public infrastructure for access to electronic invoice.
According to the government, the new regulatory framework should reduce transaction costs as it will allow automatic integration of all invoicing, collection, payment and accounting functions. It will also mean additional support for the digitization of SMEs and the self-employed within the framework of the Recovery Plan.
There will be a basic public infrastructure for accessing the electronic invoice, but the process can also be done through anyone. special platforms available. Héctor Martín, vice president of global sales at Voxel (a company specializing in electronic invoicing and b2b payments), calculates that the new regulatory framework “will apply to companies that invoice over eight million euros in the first phase.” regulatory development and then to other small and medium-sized companies over a two-year period”.
The system will need to be interoperable to allow the use and translation of the different most used formats to allow integration and adaptation at the European level. Likewise, the system will need to be interconnected so that users only need to connect to one platform to manage their bills.
Finally, SMEs and the self-employed will have broad support for their implementation through long transition periods, adapted referral formulas and assistance from the Digital Kit.
Companies that do not meet the payment deadlines set out in the late payment law (Law No. 3/2004 of 29 December establishing measures to combat late payment in commercial activities) will not be able to access a public subsidy or become a collaborative organization. in management. is also planned. Private Criminal State Observatorywill monitor and analyze data on payment terms and promote good practice. Its actions include the publication of an annual list of overdue companies (legal entities that do not pay more than 5% of their invoices on time and whose total outstanding invoices exceed €600,000).
As required by the Capital Companies Law and guilt lawIn the annual reports of large companies, in addition to the average payment period to their suppliers, it is obligatory to specify the volume and number of invoices paid in less than the maximum period specified in the default regulations.