Blockchain to adapt any billing solution to VeriFactu3 min read

VeriFactu is the system that all billing solutions must implement before October 2024 for issuing invoices verifiable by the Tax Authority, in compliance with the provisions of the new Anti-Fraud Law

The technical solution implemented by these software applications must comply with the requirements of: readability, traceability, integrity, preservation, immutability, and accessibility.

These requirements are precisely the main characteristics of blockchain technology, so this technology (and solutions like iBS in particular) constitute the perfect ally for the adaptation process that billing solutions must undertake in the coming months.

After an extensive process, on December 6, 2023, Royal Decree 1007/2023 was published approving the Regulation that establishes the requirements to be adopted by the computer or electronic systems and programs that support the billing processes of entrepreneurs and professionals, and the standardization of formats for billing records.

This regulation establishes how billing records produced by computer systems must comply with the legal requirements of integrity, preservation, accessibility, readability, traceability, and immutability, thus avoiding the so-called ‘dual-use software’ or ‘sales concealment software’ that has sometimes been observed in sales to final consumers. With this primary purpose, the RD defines an invoice record, with a specific format and structure, to which certain computer security elements (chained hashes and electronic signature) are added to ensure that said record cannot be modified, after being produced, without the corresponding record of that modification.

The new standard will apply to all taxpayers and for all their operations, with the exception of those already subject to Immediate Information Supply (IIS) or those not required to bill. As for its territorial scope, it is applicable throughout Spain except in the territories with a foral fiscal regime.

All obligated companies and self-employed individuals must comply with the standard by July 1, 2025. For this purpose, it is envisaged that SMEs and self-employed individuals may use the digital kit of the “Recovery, Transformation and Resilience Plan” to finance the modifications in the software programs that are necessary to comply with the new regulations.

 

How can blockchain help comply with Verifactu?

Blockchain is a technology that allows automating and guaranteeing the integrity and traceability of data, thus creating immutable evidence of everything that happens with them and ensuring permanent accessibility to the records independently of the provider.

By using this technology, any billing solution can:

  1. Generate a billing record for each new invoice issued, as well as in case of cancellation or rectification.
  2. Comply with the requirements of Article 29.2 j) of the “General Tax Law 58/2003” regarding integrity, preservation, accessibility, readability, traceability, and immutability of the records generated by computer billing systems.
  3. Record certain events to allow traceability of activity in the billing program.

This event log cannot be altered and can be kept until tax obligations expire. It is therefore the PERFECT technology for billing software providers (ERPs, CRMs, etc.) to adapt to the new regulations.

 

iBS: the ideal blockchain platform to adapt any billing solution to Verifactu

iBS is a platform for generating evidence and records in blockchain, easily integrable into any billing application thanks to its simple API. It allows implementing a decentralized evidence registration system for the complete cycle of documents (creation, modifications, deletion, sending, opening, etc.), thus providing the requirements demanded by Verifactu: integrity, preservation, accessibility, readability, traceability, and immutability of the records at each step.

iBS blockchain certification platform

A differential feature of iBS is that it only uses public networks, which guarantees availability and accessibility for any interested party (document origin, recipient, public entity, etc.) and from any geographical point.

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Whether you are a company interested in adapting your billing software to the Verifactu regulations, or if you are a billing solution provider (ERP, CRM, etc.), do not hesitate to contact us. We will help and accompany you in the process of adapting your billing solution to the new regulations.

Yes! I want to adapt my billing solution to Verifactu.

2024-02-15T18:37:50+01:0015 de February de 2024|Audit, Blockchain use cases, ERP systems, Finance, iCommunity products, Legal|
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