Spain real time VAT reporting in 2017
- 16 November 2014 | Richard Asquith
Spain will be requiring larger tax payers to file transaction details within four days of invoices issued/received. The aim of the measure is to help reduce fraud or unintentional misdeclarations.
Electronic feeds if purchases and sales will be required to include dates and tax calculations. Retailers following within the target group will no longer be eligible to post consolidated entries for inter-group transactions. The new Spanish VAT compliance system will replace many existing month/quarterly reports, including the 347; 340 and the annual Spanish VAT return.
Large Spanish VAT payers
The new regime will apply to larger taxpayers, which includes: VAT groups; businesses on the monthly Spanish VAT refund regime; and any other business with a turnover above €6bn per annum.