New import VAT scheme

28 November 2014

A new import VAT scheme is scheduled to be implemented in 2015 and will allow for import VAT postponement for large traders making annual sales above € 6 million. This scheme will allow the importer of the goods to delay the payment of Spanish import VAT until the time of the next VAT return and will benefit companies making taxable supplies in Spain where VAT is collected as they will be able to offset this against the postponed VAT owed from their imports.