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.
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