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Spain VAT compliance measures to tackle fraud


Spain VAT compliance measures to tackle fraud

Spain has introduced a number of changes to its VAT compliance regime to help reduce the risks of VAT fraud.  The changes will come into effect from 1 November 2012.

The key measures include:

  • New application of the reverse charge mechanism in the real estate industry.  Firstly on the sale of real estate, and secondly on the restoration of properties.
  • A new penalty regime for incorrect submissions on importation declarations.
  • Application of VAT on the sale of shares of real estate companies.
  • Easing of VAT reporting in the case of businesses in administration.  In particular eliminating the requirement to maintain pre and post administration VAT records.

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.