Introduction of Immediate Information System (SII) in Spain
The new system of bookkeeping in Spain (SII) obliges taxpayers who submit monthly VAT returns to provide invoice information to the tax authorities on an ongoing basis. All invoices* issued by the company or received from suppliers must be submitted to the tax office (via an online portal) within 4 work days.
The new procedure will be implemented on July 1st 2017, but the requirements are quite intensive so companies who are affected by this legislation should take the necessary action now to ensure the process can be implemented.
VATGlobal is offering a fully outsourced SII submission service
With the submission of the sales and purchase invoices, the VAT "books" will be prepared, configured in real-time and submitted online. The physical invoices do not need to be uploaded, only the information on the invoices*.
This legislation only applies to taxpayers who are submitting VAT returns on a monthly basis:
'Large' taxpayers (turnover exceeding €6,010,121 in the previous year)
Taxpayers registered in the REDEME (special register to receive monthly refunds)
Certain leniencies will be applied in 2017, and the deadline for filing the VAT return will also be extended, but there will also be quite significant penalties for failing to adhere to the requirements.
Contact VATGlobal for more detailed information or to hear about how we are helping businesses prepare for this change.