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Spain VAT compliance measures to tackle fraud

  • Oct 14, 2012 | Richard Asquith

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 the former VP Global Indirect Tax at Avalara