Spanish VAT electronic ledgers
With effect July 2017, enters into force the new System of Immediate Supply of Information (SII) that affects all businesses or entrepreneurs obliged to file VAT returns on a monthly basis.
This new reporting system is designed as an almost web service application, where taxpayers will be obliged to provide information on invoices issued and received, within a maximum period of 4 days from the issue date or, as the case may be, from the accounting record date.
Please note that much of the information to be provided through this new system is already provided to the AEAT through different models such as model 340 or 347. However, the great novelty is the need to provide this information almost immediately, which will mean for operators the need to make investments in systems that allow on-line access to this information.
On the other hand, this new system will entail a number of advantages for taxable persons in the future, since the obligation to submit summary statements, such as the annual summary declaration (model 390), form 340 or form 347. In parallel, the deadline for submitting VAT returns (model 303) is extended.
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