16 November, 2016

Suspension of the VAT Immediate Exchange of Information – Spain

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Spanish tax authorities hold the view that the Immediate Exchange of Information System implies great advantages for VAT taxpayers.

The Application of the VAT Immediate Exchange of Information with the Spanish Tax Authorities is on hold


According to the information we have to date, the Spanish tax authorities have finally put on hold the entering into force of the so – called SII system (Immediate exchange of Information System) that was supposed to be applied by VAT taxpayers subject to monthly VAT returns.

The Immediate exchange of Information System has been designed for the modernization and enhancement of the electronic means in the management of VAT, by keeping the VAT registries through the Hacienda web page, and permitting the supply of information by the VAT taxpayer almost at the immediate time when the underlying transaction occurs.

Despite the postponement, we anticipate that this system may enter into force in the near future, as the Spanish tax authorities hold the view that it implies great advantages for VAT taxpayers. Let’s learn more about it.

According to the draft regulations that have not yet been passed, taxpayers that are expected to be affected by this measure are: (i) VAT taxpayers whose turnover exceeds 6 million Euro; (ii) those that file VAT returns as a group; and (iii) VAT taxpayers that are subject to the monthly VAT return refund system and which is not related to the turnover volume.

We remind our readers that the general filing term for the registration of VAT taxpayers in the monthly VAT refund system registry ends on November 30.

Under this system, VAT taxpayers would be obliged to report information on all their invoices within a four –day period as from the date of their issue or of recording the invoice received.

Although the initial date for the application of the Immediate Exchange of Information System was expected to be January 01, 2017, it has finally been decided to postpone this date, despite the advantages that, in the tax authorities’ view, this system would imply for the VAT taxpayers: they would not be obliged to file certain VAT information forms (347, 340 or 390, for example); they would keep VAT registry books from the Hacienda Web page; or, what’s more, these VAT taxpayers would enjoy a wider payment term of the VAT returns and shorter VAT refund terms.

We expect that once these regulations come into force in the future, they will oblige VAT taxpayers to adapt their IT Systems to the new formalities. Despite this, we hope that it will certainly imply an opportunity for both the Tax authorities and the VAT taxpayers.

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