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Spain – Proposed regime to defer VAT on imports | KPMG | GLOBAL

Spain – Proposed regime to defer VAT on imports | KPMG | GLOBAL.

October 28:  Draft amendments to the value added tax (VAT) rules in Spain reflect the anticipated introduction of a “deferral import regime”—one that would allow certain VAT-payers who conduct import transaction to defer payment of VAT until such time that the VAT return is actually filed (instead of having to remit VAT at the time of the importation, which currently is required at the same time that customs duty is paid).

This draft proposal for a VAT deferral import regime would, therefore, provide a cash-flow benefit because VAT would not be required to be paid at import. Also, there would no longer been the need to file a subsequent claim for credit for the amount of the VAT paid.

This new regime (at present, only a draft proposal) would be available to VAT-payers that file monthly VAT returns.

Read an October 2014 report [PDF 248 KB] prepared by the KPMG member firm in Spain:Spanish VAT – New Deferral Import Regime for 2015. Important cash flow advantage

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