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December 2016 Spain passes the

Tax Alert obligation to require


maintenance
and submission
of VAT books by
electronic means

Eduardo Verdn Fulgencio Garca


Indirect Taxes Partner EY Indirect Taxes - Director EY

Diana Garrido
Indirect Taxes EY Manager EY

Overview
Last December 6th, the Spanish Government passed the Royal Decree
596/2016, dated December 2nd for the modernization, improvement and
promotion of electronic means in the management of value-added tax (VAT),
which amends the Spanish VAT Regulation, the Invoicing Regulation and the
General Regulation on tax management and inspection procedures.
Taxpayers who file VAT returns on a monthly basis will be required to apply this
regime as from 1 July 2017, by means of which they will be obliged to
electronically maintain the Spanish VAT books through this new Immediate
Submission of Information (ISI) system. This electronic maintenance is
achieved through the electronic submission of information of the VAT books,
extended for these monthly taxpayers. The ISI will be optional for other
taxpayers.
We herein summarize the main implications of the ISI according to the wording
of the definitive Royal Decree, that will need of an Order to develop the
technical features.
I. What is the ISI about? IV. Deadlines
Under the new system, the information related to all The new system will affect all of the VAT books required
invoices issued, received, customs documents and by the VAT Regulation: invoices issued or received,
accountancy documents, if any, must be transmitted investment goods and other intra-community
electronically and almost immediately to the Spanish operations.
Tax Authorities, so that the Spanish Tax Authorities
have all of the information relating to the operations
VAT books of invoices issued or received
carried out by VAT taxpayers in real time. The information related to each invoice issued or
received must be electronically communicated to the
The ISI impacts all invoices, either complete or
Spanish Tax Authority within four natural days of the
simplified.
date of its issuance or from the date it was accounted
The ISI aim is to provide the Tax Authorities with all the for respectively. For these purposes, Saturdays, Sundays
relevant information about invoices issued and and national holidays are not included.
deductible VAT on invoices received.
Exceptionally, during the period between July 1st and
This information will allow the Tax Authorities to have a December 31st 2017, the submission deadline will be
higher control of VAT and the transactions performed, eight natural days.
as well as to help taxpayers with the preparation of the
In any case relating to invoices issued, the submission
VAT returns.
must take place before the 16th of the month following
II. Who is obliged under the ISI? the tax point of the operation documented on the
invoice, or in the case of invoices received, before the
The new system will be compulsory for businesses and
16th day of the month following the VAT period in which
professionals who are required to file VAT returns on a
the invoice was registered.
monthly basis, in other words those who (i) have a
turnover of over 6 million; (ii) are included in the In the case of invoices issued by the recipient of the
monthly refund regime; or (iii) who are applying the VAT operation or by a third party (self-billing), the deadline
Grouping provisions. for submitting the invoices will be eight natural days
(instead of four natural days) with the same limits noted,
The system can be used by any other business or
that is the 16th of the month following the VAT period in
professional by filing a Census Form whereby they
which the invoice was registered.
expressly opt to be included in the system. If a business
or professional opts to be included in the system they Regarding importations of goods, the deadline of four
will then file VAT returns on a monthly basis. days for the submission of the information is counted
from the admission of the DUA/SAD by the Customs
III. Enforcement Authorities. The maximum deadline is extended to the
16th of the month following the end of the VAT period in
The ISI will be compulsory as of July 1st 2017.
which the importation amounts have been registered.
However, taxpayers obliged by the ISI will have to
provide the electronic information about its VAT books VAT books relating to investment goods
corresponding to the period between January 1st 2017 The information must be provided when the VAT return
and June 30th 2017 during the period between July 1st relating to the final VAT period of the year is filed.
and December 31st 2017, so that the complete
information should be compiled as from January 1st. VAT book of certain intra-EU operations
The information should be electronically provided within
four days since the moment the transport begins or
since the moment the goods are received. For these

Spain passes the obligation to require maintenance and submission of VAT books by electronic means | December 2016
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purposes, Saturdays, Sundays and national holidays are Express mention to register amendments due to
not included. material errors made in the registration, which
should be made before day 16th of the next month.
V. Information to be submitted
VI. Compliance obligations
In addition to the information which must be currently
included in the VAT books, the Royal Decree includes From 2017, the deadlines for filing VAT returns for
additional details which must be provided electronically taxpayers who file on a monthly basis will be extended
with every set of information and which go beyond the to the 30th day of the following month, or for the return
obligations included in the Spanish Invoicing Regulation: relating to January, until the last day of February.
Description of the operations. Exonerations
Indication of self-billing invoices, reverse charge Taxpayers obliged to comply with the ISI would not be
or special schemes applicable. obliged to file the following returns:
With respect to amended invoices, the Annual return of transactions with third parties
identification of the invoices being amended is (form 347).
required which may be complicated when there is
Monthly return of operations included in the VAT
more than one.
Books (form 340) for businesses included in the
Identification of the invoices that are issued in Monthly VAT Refund Regime.
substitution or exchange of simplified invoices.
According to the Annual Summary VAT return
VAT return period in which each invoice was (form 390), it is foreseen that it will not be
included. compulsory either.
Identification of complete or simplified invoice.

VII. Penalties associated


Indication of exempt or non-subject transactions
Delays in the provision of information will be fined
performed.
with 0.5% of the invoice amount, with a quarterly
Reception order is replaced by number and series minimum of 300 euros and maximum of 6,000
of the invoices received. euros.
VAT deductible amount for invoices received. Although it is not expressly envisaged, the general
For imports of goods, the date of admission in the penalties scheme should apply:
office and the DUA/SAD1 number assigned must. Omissions or mistakes will be fined with 1% of the
Reference, if any, to any invoicing authorization. invoice amount, with a minimum of 150 euros and
maximum of 6,000 euros.
As a difference from the previous draft, the new ISI
does allow the submission of the grouped invoice In case of lack of electronic provision of
register: information, it will be fined with 1% of the annual
turnover, with a minimum of 600 euros.
Simplified invoices issued for transactions
accrued in the same natural month, even
though the VAT rate is different.
Invoices received from the same supplier with
global taxable base under 6.000 euros and
individual taxable base under 500 euros.

Spain passes the obligation to require maintenance and submission of VAT books by electronic means | December 2016
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VIII. Other topics
As from January 1st 2017, the invoices issued for
B2B transactions could be issued until day 16th of
the month following the tax point.
The optional inclusion in the ISI could be done in
June 2017 or November of each year.
The self-billing agreements should be
communicated to the Tax Authorities.
The Basque region and Navarra have not passed
yet the ISI, but it is expected that it will be also
implemented.

Spain passes the obligation to require maintenance and submission of VAT books by electronic means | December 2016
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EY services: tax and IT support
As a consequence of the ISI, it is key to ensure that VAT
is correctly determined in real time and that the
systems are able to provide the required information.
EY could help your business by reviewing both the
fulfilment of formal obligations, content of VAT books,
VAT determination, among other.

For additional information with respect to this alert,


please contact the following:

Ernst & Young Abogados, S.L.P.


Eduardo Verdn
Eduardo.VerdunFraile@es.ey.com
Fulgencio Garca
Fulgencio.Garcia@es.ey.com
Diana Garrido
Diana.GarridoHernando@es.ey.com

Spain passes the obligation to require maintenance and submission of VAT books by electronic means | December 2016
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Spain passes the obligation to require maintenance and submission of VAT books by electronic means | December 2016
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