##  [Approval of the immediate Information Sharing System](/pt/en_GB/new/approval-immediate-information-sharing-system) 

# Approval of the immediate Information Sharing System





12 / 07 / 2016





VAT Commentary 1-2016













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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. VAT recordkeeping system on AEAT’s website (“SII” system)**

 

- 1.1 The users of the system
- 1.2 Characteristics of the SII system
- 1.3 Entry into force and transitional provisions















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 This publication is provided for information purposes only and does not constitute legal advice or advice of any other kind. It does not seek to offer a comprehensive summary of the legislation and developments to which it refers nor to cover all published material, but rather to provide an overview of selected topics. It is therefore recommended that the official texts be consulted and specific professional advice be sought. Garrigues does not accept any liability for the use made of this information and assumes no obligation to update it after publication.



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