UPDATE: Spain to introduce real time VAT reporting from July 2017

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

UPDATE: Philippines proposes to apply VAT on e-services

During May 2024, the Philippines Senate voted in favour in a second reading of Bill No. 2528 imposing VAT on foreign providers of digital services to...

SEE MORE
VAT news
LATEST NEWS

EU yet to reach an agreement on VAT in the digital age...

During May 2024, the Economic and Financial Affairs Council (ECOFIN) failed to reach agreement on the EU Commission’s proposed changes to VAT rules included...

SEE MORE
VAT news
LATEST NEWS

Cyprus extends VAT rate cuts on essential goods

The Cypriot government has further extended the temporary reduction on the 5% and 19% VAT rates applied to certain essential goods until 30 June 2024. The VAT...

SEE MORE
VAT news

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.