VAT Commentary 1-2016
Approval of the immediate Information Sharing System
Royal Decree 596/2016, of December 2, 2016 was published on December 6 in the Official State Gazette (BOE). Its most prominent amendment and the topic of this Commentary is the introduction of the Immediate Information Sharing System.
Under this system, the traders or professionals who have to file monthly returns must also keep their VAT records (VAT register books) on the website of the Spanish Tax Agency (AEAT) by sharing invoicing records and additional tax relevant information electronically.
Those falling under this new obligation (or electing to perform their bookkeeping obligations in this way while not being required to do so) will not have to file any other information returns (forms 347 and 340) and will have the time period for filing their VAT self-assessment returns lengthened to end on the 30th day of each month and the last day of February. According to the introduction to the new provisions, they will not have to file an annual summary return either.
- 1.1 The users of the system
- 1.2 Characteristics of the SII system
- 1.3 Entry into force and transitional provisions