Will Denmark and Spain's certified billing systems disrupt traditional accounting?

In Spain, significant changes to tax and invoicing systems are underway, primarily driven by the Crea y Crece law and the VeriFactu regulation. The Crea y Crece law mandates that self-employed individuals and companies must adopt electronic invoicing for B2B transactions. The timeline for implementation will vary according to the size of businesses, with large enterprises needing to comply 12 months after specific technical regulations are published, while smaller businesses and self-employed individuals have a 24-month window following the finalization of regulations. Concurrently, the VeriFactu regulation will require the use of certified billing systems, which ensures that invoices maintain authenticity, integrity, and traceability. Although real-time submission of invoices to tax authorities is not yet compulsory, these systems must be capable of accommodating real-time reporting in the future. This dual approach aims to streamline invoicing processes and reduce errors, fostering a more transparent taxation environment in Spain. In Denmark, the implementation of new bookkeeping requirements under the Act is also gaining momentum. Digital bookkeeping systems compliant with specific standards set by the Danish Business Authority are mandated. Businesses must be prepared to transition to these compliant systems by landmark dates, with a significant deadline of July 1, 2024, for companies obligated to submit annual reports using registered systems. While there is no immediate requirement for electronic invoicing for business transactions, the legislation supports future compliance by ensuring the necessary infrastructure is in place. Both countries reflect an ongoing commitment to digital transformation, aiming to enhance compliance, efficiency, and transparency in financial operations through these e-invoicing initiatives.