Spain — SII Immediate Supply of Information on VAT

Spain SII — Immediate Supply of Information

The Immediate Information Sharing so-called SII system is affecting more than 63.000 businesses since July 1, 2017. Business is decelerating electronically VAT record in real time by adapting their system to AEAT. With this system, VAT information on the incoming and outgoing transaction, certain intra-Community transactions need to be transferred to the tax office almost at the time of the booking.

Who will affect:

• VAT groups.
• Companies (with annual turnover 6M Euros).
• Taxpayers registered in the monthly refund regime.

VAT reports and record books

Invoices issued:

• Information must be provided to the Tax Authority within 4 working days from the date of issuance of the invoice, this also applies for simplified invoices. For the period between the 1st July and the 31st December 2017 the time limit is 8 working days
• A time limit of 8 working days will apply if the invoice is issued by the client or third person.
• In all cases, information must be provided before the 16th of the month following the date in which the VAT corresponding to the transaction that must be registered become chargeable

Invoices received:

• Information must be provided to the Tax Authority within 4 working days from the accounting record of the invoice. For the period between the 1st July and the 31st December 2017 the time limit is 8 working days

Investment goods:

• Information must be provided during the tax filing period corresponding to the last return of the year.

Certain Intra EU transactions:

• Information must be provided to the Tax Authority within 4 working days from the date of the beginning of the transport (dispatches) or 4 working days from the date of receiving the goods (arrivals). For the period between the 1st July and the 31st December 2017 the time limit is 8 working days

Penalty:

The Delay in preparing the VAT Book of issued and received invoices through the Tax Authorities electronic portal by supplying the invoices records may result in a penalty of 0.5% of the invoice, with a quarterly minimum penalty of EUR 300 and a maximum of EUR 6.000

For Solution & Detail Information >> contact@s4fn.com & https://www.s4fn.com