Spanish SII update July 2018

Spain is planning modifications to its near live VAT transaction reporting regime, Immediate Supply of Information or SII.

Since 1 July 2017, SII reporting obliges qualifying businesses to summit relevant invoices within four days of issuance or receipt. It is only required from ‘large’ taxpayers (above €6m turnover per annum), entities in VAT groups and companies opted into the monthly refund regime. The data required includes:

• Sales invoices
• Purchase invoices
• Intra-community supplies
• Transactions for investment supplies

Minor XML file submission requirements are to change from 1 July 2018. These include:

• A new field flagging invoices above €100,000 is to be included
• An additional invoice code for import VAT deduction changes following a VAT audit
• A new field for invoices claiming more than one exemption classification
• A requirement for distance sellers to identify any sales where the customer has not been identified
• A requirement for tax payers who become liable to report under SII mid-year to supply all transactions from the earlier part of the year. This will be under a separate data field.
• A new field for simplified input VAT invoices with VAT to be deducted

Find out more about SII