Spain proposes to relax bank rules for VAT credits

31 May 2016

A proposal to drop the requirement for foreign businesses to have a Spanish bank account for the purpose of VAT refunds has been announced by the Spanish government.

The current requirement, which states that companies must have a Spanish bank account to receive these refunds, is deemed as prejudicing the operation of the EU Single Market by placing unnecessary administrative requirements on the free movement of goods and services.

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