The Spanish Law called “Create and Grow” (“Crea y Crece”) is one of the main reforms of the Spanish Recuperation, Transformation, and Resilience Plan, aimed at fomenting the dynamism of the productive framework and providing answers to the demands and recommendations of different international organisms. The Draft Law includes measures to move forward in the fight against late payment, one of the causes of major incidences in liquidity and profitability of Spanish enterprises, with a particular impact on small-sized enterprises.
Within this context, the extension of the obligation to expedite and remit an electronic invoice must be highlighted, in relation to all commercial relations of companies and self-contractors, to guarantee major traceability and control of payments.
✔ The Spanish Congress of Deputies has definitively approved the so-called Law to “Create and Grow” (“Crea y Crece”) aimed at facilitating the creation of enterprises, reducing regulatory obstacles, fighting against default, and encouraging their growth and expansion. This initiative concludes its parliamentary process, and the text is ready for its publication in the Spanish Official Gazette and further entry into force.
✔ All companies and self-contractors will be obliged to expedite, remit, and receive electronic invoices in all their commercial relationships with other companies and self-contractors. The recipient of the electronic invoices will have to confirm their reception through an acknowledgment of receipt.
✔ Despite what has been mentioned, travel agencies, transportation agencies, and retail commercial activities shall only be obliged to expedite electronic invoices when the engagement has been done through electronic means. Electronic invoices will need to comply with all the requirements established in the general invoicing regulations.
✔ During a four-year term from the issue of the electronic invoice, recipients will be allowed to ask for a copy without incurring additional costs.
✔ Companies subject to mandatory electronic invoices that do not offer their customers the possibility of receiving the electronic invoices or that do not permit the access of former customers to their invoices will be punished with a warning or with a penalty of up to 10,000 euros.
✔ It is foreseen that further regulations will determine the technical and information requirements that will need to be accomplished by electronic invoices. They will need to be approved within six months after the publication of the Law.
✔ The entry into force of the mandatory electronic invoicing will be done in different stages:
- For companies and self-contractors with an annual turnover of more than 8M EUR, electronic invoicing will be mandatory one year after the development regulations are approved.
- For the rest, it will be mandatory two years after the development regulations are approved.
Though there is still some way to go before it comes into effect, it is worth getting ready for it.
Publicado el 09-2022 por PBS