As of January 2015, e-invoicing will be mandatory for all public sector payments in Spain, or business-to-government payments.
“From this point onwards, all invoices are required to be submitted and transmitted electronically through a general entry point which has been designed to record copies and details of all data such as the dates of submission,” explained a Shared Services post. “This will ensure that in the event of issues such as late-payment by public sector entities, corresponding interests will still be paid.”
The Spanish government explained that the mandatory policy is designed to enhance security and streamline the invoicing process, as well as save money. Specifically, around €3.48 per invoice issued can be saved, and processing times can be cut by nearly 80 percent.
Spain has been working toward regulatory reform for some time. Earlier this month, PYMNTS.com discussed the nation’s attempts at better economic management. Additionally, Spain hopes to join the pan – European TARGET2 Securities (T2S) by 2017, which is a European initiative to establish a single platform for the settlement of securities.
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