According to a study by Oxfam, there are some $7.6 trillion of individual financial wealth hidden in tax havens. If the profits they generate were taxed, governments would collect 190 billion dollars more per year. It is a spectacularly high number…
Indeed, tax fraud in the world still offers stratospheric figures. Hence the will of governments and, in this case, of the European Union and its member countries, to reduce tax evasion as much as possible, focusing on its origin: tax fraud in companies.
In Spain we have both TicketBAI and the Anti-Fraud Law and Veri*factu, two tax control systems imposed on the taxpayer that fight against tax fraud. It is important to highlight the enormous technological effort that these changes also entail for the Administration, but automated tax regulation allows for greater transparency, efficiency and avoids human errors, both for the government and for companies in the short – medium term.
Expected to come into force throughout 2024, Spain is working on the new regulation to end corporate tax fraud, VeriFactu. What does it consist of?
At the national level, the Anti-Fraud Law (popularly known as Veri*Factu, due to the name given to its verifiable computer billing systems), will allow both companies and self-employed workers to share the tax and accounting information of their sales with the Tax Agency. in real time, or to keep an unalterable record of records, with the aim of guaranteeing tax compliance and accelerating the digitalization of the business fabric.
For itthe law establishes the obligation that any POS, PMS, ERP, POS system… in short, any management software that allows billing, guarantees integrity, conservation, accessibility, readabilitytraceability and unalterability of records, implementing the Veri*Factu or No-Veri*Factu anti-fraud systems that are specified in the technical regulations of the Anti-Fraud Law 11/2021.
After the official approval of the technical regulations of the Anti-Fraud Law at the beginning of December 2023, it is expected that the final Ministerial Order will be published at the end of this month of January. This will mean that, starting in October 2024, all billing software used in Spain must comply with the technical requirements of the Anti-Fraud and Veri*Factu Law.
On the other hand, taxpayers will have until July 1, 2025 to adapt their systems to the new regulations.
Furthermore, it is important that developers, manufacturers and companies take them into account to avoid possible penalties, which can reach up to €50,000 per year for the taxpayer. In the case of Spain, and unlike other European regulations, The manufacturing or distributing companies of the software will also be responsible for non-compliance with the regulations.facing fines of up to €150,000 for each year in which sales have been made and for each type of computer system subject to the infringement.
Technology becomes essential in the fight against fraud. In this sense, a SaaS solution for the control and digitization of receipts is SIGN ES. What are its advantages?
We develop our solutions thinking about the needs of companies and software manufacturers to adapt to new regulations. On the one hand, to help companies that use their own billing programs in a simple way; on the other hand, to software manufacturers, who can be sanctioned if they do not adapt their systems. If I had to summarize the advantages of SIGN ES, these would be the simplicity of implementation, avoiding the risks of self-certification and guaranteed compliance with all national regulations without the need to change software.
With the upcoming arrival of the Anti-Fraud Law and Veri*Factu, our solution connects via API with the billing software used by businesses, adapting them to the new regulations in a simple and automated way. The product is designed specifically for the needs of companies that use proprietary billing programs and software manufacturers. By simply integrating an API you comply with all tax regulations at once, without the need for extra development on your part, and in a couple of days.
Does Fiskaly's solution also meet TicketBAI requirements?
Yes, one of our main advantages is that we guarantee compliance with the different tax regulations in Spain with a single API integration. In the case of TicketBAI, our SIGN ES solution, has a guarantor software license in Álava, Guipúzcoa and Vizcaya. In fact, the decision to open our first Spanish headquarters in Bilbao had a lot to do with this tax automation initiative, a pioneer in the country.
We wanted to be close to the companies, and be able to help them with the implementation process, so we adapted our solution to the characteristics and needs of local businesses. Something that we have been able to achieve thanks to our experience with more than 600,000 points of sale throughout Europe.
Companies must have the ability to share information related to their income with the Treasury in real time and to do so, having an appropriate tool is essential…
Clear. For many businesses, it is unthinkable to comply with the regulations without having the support of a strategic partner that provides them with the appropriate tools to do so. And that is where technology plays a fundamental role.
The rule itself makes it clear: the taxpayer needs anti-fraud software that can create an XML file for each transaction, generate chained invoices and send this information in real time to the Treasury.
From now on, The Anti-Fraud Law allows two modes of compliance: through VeriFactu systems and through Non-VeriFactu systems. VeriFactu systems involve sending billing records in real time to the AEAT. For their part, No-VeriFactu systems do not require this immediate sending, but they must have an electronic signature and also store all records for years, in case the AEAT needs to access them.
The compliance modality will be voluntary, and each taxpayer will choose whether to use the VeriFactu or No VeriFactu system. What is mandatory is that all software allows and meets the requirements of both modalities. At fiskaly, we guarantee 100% compliance with both, which is why we are the perfect technological partner to integrate into all types of software.
Technology allows POS providers and retailers to comply with current regulations. Why do you think there are still companies reluctant to take that necessary step towards complete digitalization?
It is true that all regulatory changes generate some rejection at first, and perhaps there has been some reluctance, but it is becoming less and less. The business fabric is experiencing a change in mentality: more and more companies value the benefits of going digital, and they are beginning to see this process more as an opportunity than a challenge.
They are becoming more aware of all that technology can offer them, and how much it can make their day-to-day operations easier. More so at a time like the current one, with the arrival of the new regulations.
The digital ticket is now essential, what are its advantages?
More and more businesses are facilitating the digital ticket option due to the numerous advantages they offer. Firstly, if we take the environment into account, they are a much more sustainable and cleaner alternative, since they eliminate the use of paper, thus reducing waste.
They also allow immediate access to information, give companies the ability to send personalized offers to their customers, and eliminate the need to save paper tickets and the worry of losing them.
At fiskaly we have developed a solution that is integrated into point-of-sale terminals, and allows us to offer electronic receipts quickly, securely and anonymously. This is something very new and of great importance for users who are increasingly concerned about their privacy.
After making a purchase, the payment terminal displays a QR code, which the user can easily scan to receive their ticket on their mobile phone and save it in PDF or in their digital wallet, without having to share their phone or email. Therefore, the ticket issuance process is sustainable, fast and convenient for consumers.