Spain: VAT in real time comes into force!
July 3rd, 2017
On July 1st, 2017, the new SII ("Suministro Inmediato de Información") was introduced, imposing on Spanish companies to record information, almost in real time, on invoiced or paid VAT.
Thus, since July1st, Spanish companies have to register all issued and received invoices, within a period of eight days, with the tax authorities, through a new computerized system. [Note that, from next year, this period will be shortened to 4 days following receipt and issue of invoices.]