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Anti-fraud law: Everything you need to know about the regulation

On July 10, 2021 was published in the BOE (Official State Gazette) the Draft Law on Measures to Prevent and Combat Tax Fraud or also known as the anti-fraud law which was created to fight against tax fraud as explained by the Government.

This is a very extensive law as it contains a large number of items such as successions, cryptocurrencies, cash payments and tax havens.

One of the measures and obligations to fight against tax fraud is the keeping of record books and invoices through electronic means.

This means that, as of January 1, 2024, all companies must have invoicing software approved by the Tax Agency that complies with the requirements established in the regulations.

Such software must be able to record all economic transactions that occur within the company, both in terms of purchases and sales.

In addition, it must be able to generate and store electronic invoices and other types of tax documents securely and reliably. It must also ensure that such data is correctly transmitted to the Tax Agency within the established deadlines.

The importance of having software that complies with the Anti-Fraud Law 11/2021 lies in the need to guarantee the correct management and control of companies’ tax obligations. In addition, the software will allow for up-to-date and accurate accounting, facilitating the management of tax obligations and compliance with established deadlines.

Another fundamental aspect that the Anti-Fraud Law seeks to solve is the obligation to truthfully identify the owners of companies and corporations. An obligation is established to register in the Mercantile Registry the information related to the beneficial owners of companies and foundations, including their identity, nationality and the percentage of participation in the same.

Thanks to this, tax authorities can have a better view of the ownership and control of companies, speeding up the detection of possible fraudulent activities.

This new law also establishes a series of penalties for non-compliance. In case of non-compliance with the established tax obligations, companies may face fines ranging from 1,000 euros to 600,000 euros.

In conclusion, Anti-Fraud Law 11/2021 establishes new measures and obligations to fight tax fraud. The most important thing is for companies to have approved and compliant billing software. It is also important to comply with the obligations regarding the identification of the beneficial owners of companies and foundations.