viernes, 16 de diciembre de 2016

Spain: New VAT reporting requirements introduced

On 2 December 2016, Spain’s council of ministers approved a royal decree that introduces a new system (SII), under which taxpayers will be required to upload information about their VAT invoices to the tax authorities’ website. The key aim of the SII is to prevent VAT fraud and improve tax controls by the authorities for prior coverage, see Spain tax alert, 5 December 2016). The SII will become effective on 1 July 2017. However, taxpayers subject to the SII also will
be required to submit invoices relating to the first six months of 2017, although the deadline to submit this data will be extended to 1 January 2018.
The SII will be mandatory for all taxpayers that are registered in the monthly VAT refund register, are part of a VAT group or whose transactions in the previous year exceeded EUR 6,010,121.04. Other taxpayers may opt to use the
Affected taxpayers will have to upload to the online platform of the Spanish tax authorities all billing documents that form part of the VAT registry books (issued and received invoices, and details of certain intra-community transactions). New information, such as brief descriptions of transactions, the type of invoice, etc., also will need to be filed.
The data will need to be uploaded effectively on a real-time basis. Taxpayers generally will be required to submit data within four business days from the date an invoice is issued/received (extended to eight days as a temporary measure
for the period from 1 July 2017 to 31 December 2017).
Companies that are required to apply the SII (as well as those that elect to use the system) will be required to file their VAT returns on a monthly basis by the 30th day of the month following the reporting period (extending the deadline for filing the return by an additional 10 days).

Source: Deloitte

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