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NEW ON-LINE VAT REPORTING SYSTEM

The Spanish Ministry of Finance has approved a new reporting system of VAT information to the Tax Authorities called SII (Suministro Inmediato de Información). The new system proposes the information contained in the current VAT books to be reported by electronic means practically in real time to the Tax Authorities. This represents a major challenge for taxpayers in the context of VAT compliance. Please see below a summary of the main aspects of the new system:
1. VAT taxpayers subject to SII

• Taxpayers with revenue higher than EUR 6.010.121’04 in the previous year.
• Taxpayers registered with the monthly VAT refund system.
• Taxpayers subject to the VAT Group regime.
• Taxpayers opting for the SII. The option shall be filed in November of the prior year (in June 2017 for 2017 only) and will remain in force until a waiver is filed, with one year as a minimum.

2. VAT information to be reported and deadlines

A. Output VAT book
• Information to be reported: In addition to the current information being required as of today, new pieces of information shall be reported such as the description of the operations and the specific VAT references to be made according to the law (for example, reverse-charge rule).
• Deadline: Information shall be reported within a 4 day period after the issuance of the invoice (8 days in 2017 only) or, in any event, before day 16 of the following month after the period in which VAT is triggered. Saturdays, Sundays and national bank holidays are disregarded for deadline purposes.

B. Input VAT book
• Information to be reported: In addition to the current information being required as of today, new pieces of information shall be reported such as deductible input VAT.
• Deadline: Information shall be reported within a 4 day period after the accounting registration of the invoice (8 days in 2017 only) or, in any event, before day 16 of the month following the monthly period in which operations are included. Saturdays, Sundays and national bank holidays are disregarded for deadline purposes.

C. Fixed assets book
• Information to be reported remains as of today.
• Deadline: Within the period available to file the last VAT return of the year.

D. Book for certain intra-community operations
• Information to be reported remains as of today.

2017-09-18T16:46:43+00:00 17/01/2017|Latest news|