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.]
Since the implementation of this new system requires significant technical support from companies, "real-time VAT" is currently only required for companies with an annual turnover of more than 6 million euros.
Delays in the recording of this information shall be punished by a fine equal to 0.5% of the amount of the invoice subject to the registration obligation, with a minimum of 300 euros and a maximum of 6,000 euros.