Spain: VAT “immediate supply of information” system

Spain VAT reporting system

Taxpayers subject to a new “immediate supply of information” regime under Spain’s value added tax (VAT) regulations will have to begin providing, almost immediately, certain invoice information electronically to the tax authorities, according to a draft Royal Decree. The new rules are scheduled to be effective in 2017, but taxpayers may need to take steps now to begin to implement and to be compliant with these new VAT rules.

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Under the new “immediate supply of information” system, taxpayers would have to make data about their transactions available to the tax authorities almost immediately. This new regime would be mandatory for “large” entities, entities belonging to a VAT group, and taxpayers registered in the VAT “monthly refund special regime” (known by the Spanish acronym as REDEME)—that is, all taxpayers that file monthly VAT returns. The new system would be voluntary for all other taxpayers that elect to apply it.

KPMG observation

The draft Royal Decree providing for the new “immediate supply of information” system is pending final approval. In the meantime, taxpayers will want to focus on their systems and the need for correct data management, given the large volume of information that will have to be provided to the tax authorities within very tight deadlines.

 

Read an October 2015 report [PDF 251 KB] prepared by the KPMG member firm in Spain: VAT Books – New “immediate Supply of Information” System 

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