Title: Revolutionizing Invoicing and Taxation: Spain and Denmark's Digital Transformations
The European Union is moving towards mandatory e-invoicing, and the approach varies widely among member states. Some nations use centralized platforms, while others rely on certified service providers or leave the invoice transmission method unregulated. The pace of implementation also varies, with some countries enforcing the mandate in a single phase, while others take a gradual approach.
This piece delves into the e-invoicing strategies of Denmark and Spain, two countries that integrate e-invoicing into broader digital transformation initiatives.
Denmark
The Danish Bookkeeping Act of 2022 introduced digital bookkeeping requirements for a wide range of businesses. The Act mandates compliance with specific standards set by the Danish Business Authority using either registered or custom-developed systems. The transition to compliant digital bookkeeping systems is phased, with compliance deadlines in 2024, 2025, and 2026. The Act also requires digital bookkeeping systems to support e-invoicing, allowing businesses to be equipped for potential future mandates.
Spain
Spain is modernizing its tax and invoicing systems through the Crea y Crece Law and the VeriFactu regulation. The Crea y Crece Law mandates e-invoicing for B2B transactions, while VeriFactu focuses on secure storage and traceability of invoicing data. Mandatory e-invoicing is initially scheduled for large enterprises in 2026, with small and medium-sized enterprises and self-employed individuals following in 2027, given the technical complexity of the system.
The VeriFactu regulation mandates the use of certified billing systems, with real-time reporting being available but not mandatory as of now. The regulation will apply to all businesses except for those with specific exemptions. The billing systems must meet stringent technical requirements, ensuring data integrity and supporting potential real-time reporting.
Both Denmark and Spain exemplify diverse strategies for implementing mandatory e-invoicing within broader digital transformation initiatives. As the broader trend of digital transformation continues, businesses must remain prepared to adapt to regulatory developments and stay ahead of e-invoicing mandates.
The European Union's mandate for electronic invoicing also affects Denmark, which has implemented digital bookkeeping requirements for businesses under the Danish Bookkeeping Act of 2022. This Act requires the use of certified digital bookkeeping systems, including support for electronic invoicing, to prepare for future mandates.
In Spain, the approach to e-invoicing is governed by the Crea y Crece Law and the VeriFactu regulation. The VeriFactu regulation specifically mandates the use of certified billing systems, ensuring data integrity and supporting potential real-time reporting. This regulation is part of Spain's larger modernization of tax and invoicing systems.
The European Union's e-invoicing mandate extends to various member states, including Denmark and Spain, which are demonstrating unique strategies for implementation. While Denmark is phasing in digital bookkeeping requirements, Spain is initially mandating e-invoicing for large enterprises in 2026, with plans to include smaller businesses later.
