MADRID: Large enterprises operating in Spain are coming to terms with the latest requirements to file their VAT information on a real-time basis through the new online system set up by the Spanish tax authorities.
According to the information provided by the Spanish tax authorities, 63,000 taxpayers will be required to use the new system to file their VAT returns. It is expected that approximately 80 percent of the total business VAT invoicing in Spain will be filed through the new system from July 1, 2017. In addition, taxpayers can adopt the new system on a voluntary basis.
The new online system, known as Suministro Inmediato de Información (SII), was established by the Spanish tax authorities to collect, process and analyse VAT information from large taxpayers. From July 1, those taxpayers obliged to provide monthly VAT filings (i.e., large enterprises with a turnover of more than €6 million, VAT groups and taxpayers registered in the monthly VAT refund system), are required to submit their invoicing details in real time through the webpage of the tax authorities.
This new system requires taxpayers to submit their invoicing data through XML messages within a four-day period (an extended eight-day period is provided for the second semester of 2017). The submitted data will automatically upload to the taxpayers’ various VAT forms on that website. Taxpayers who adopt this system will be released from manual filing of existing tax forms − including forms 347 (transactions with third parties), 340 (VAT books) and 390 (VAT annual summary).
