STORIES

3 January, 2017

Immediate Exchange of Information System : Approved

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The Immediate Exchange of Information System has been approved by the Spanish Government to take effect July 1st, 2017.

 

Immediate Exchange of Information : New System Approved

From July 01, 2017, VAT taxpayers filing monthly VAT returns shall be required to comply with the Immediate Exchange of Information System and obliged to prepare their VAT registry books through the Spanish Tax authorities web page, by the electronic filing of the invoicing registries.

Despite the doubts as to whether this measure could enter into force in 2017, the Spanish Government has finally approved it, as a tool to modernize the management of VAT as well as to control and prevent tax fraud.

While we await for the approval of the Order from the Spanish Ministry of Finance that will provide the practical details of this system, we elaborate below its main features.

The Immediate Exchange of Information System is a mandatory for taxpayers whose filing VAT period is of one month, including big – seized companies as well as taxpayers filing as a group of companies and those registered in the monthly VAT refund system.

Taxpayers willing to voluntary opt for this system in fiscal year 2017 can elect for it during the month of June 2017.

The deadlines to send the information vary depending on whether the information relates to:

  1. Issued invoices: 4 natural days from its issuance, 8 days if invoices are issued by the addressee or any third party. Please take into account that, in any case, the information must be sent before the day 16 of the month following that in which the transaction took place.

  2. Received invoices: 4 natural days from the accounting registry, that shall be computed since the day in which the VAT quote liquidated by the Customs authorities is registered, in relation to imports. And always before the day 16 of the month following the liquidation period in which the transactions are included.

  3. Inter community transactions: also 4 natural days since the moment the transportation or expedition started or of reception of goods.

  4. Investment assets: during the term of presentation of the last liquidation period, (up to January 30).

Such terms also apply in relation to transactions under the cash system.

We remind you that, in order to compute this term, you have to exclude Saturdays, Sundays and bank holydays.

In relation to fiscal year 2017, please take into account the following special deadlines:

  1. Registries made during the first semester of fiscal year 2017 need to be sent before January 01, 2018.

  2. The term to send the invoicing registries is extended to 8 days.

As we informed in a previous post, taxpayers subject to this system shall not be obliged to keep the formalities in relation to VAT registry books, or file forms 340 and 347. Besides, the ordinary filing period for the VAT returns has been extended.

A new system that will certainly require the accommodation, in the management of VAT, by taxpayers affected by this new measure.

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Based in Barcelona and Madrid. Englobally is our Latin American business partner established in Santiago de Chile.

We are also part of Englobally Group, an international association of independent accounting and advisory firms that provide a one-stop shop managed solution for accounting, payroll and HR needs, with member firms in over 25 countries and associates working in many others. Many fast growing technology and lifescience businesses find their international services invaluable. Companies in many other sectors are attracted by the close and supportive way Englobally Group works.

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