31 May 2017
Spain has now confirmed the introduction of a new real time VAT reporting regime which will require large taxpayers to submit copies of their purchase and sales invoices to the tax authorities online within eight days of issuance or receipt. The reporting period will then be reduced to four days after issue from 2018.
This scheme, known as SII (Suministro Inmediato de Información), will apply to large enterprises with an annual turnover of over €6 million and the companies affected will be granted an extended VAT return filing deadline of 30 days after the reporting period. The requirement to submit recapitulative statements (such as EC sales) will be also removed.
Tax payers affected will also have to submit backdated invoice details for the first half of 2017.
LATEST NEWS
Separate EORI number for Northern Ireland required
HMRC have recently confirmed that businesses who import and export goods from Northern Ireland (NI) will need a special Economic Operator Identification Number...
SEE MORE
LATEST NEWS
Ireland to introduce postponed accounting for import...
The Irish government have confirmed that a postponed accounting facility will be implemented for import VAT post-Brexit. This new mechanism will allow all...
SEE MORE
LATEST NEWS
Belgium force UK companies to engage a fiscal...
The Belgium tax authorities are contacting UK traders who hold a Belgium VAT account to inform them that they have a requirement to appoint a fiscal...
SEE MORE