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Spain to introduce real time VAT reporting in 2017 | Meridian

Spain to introduce real time VAT reporting in 2017 | Meridian.

From 1 January 2017, a new Spanish VAT compliance system will be introduced. It will allow taxpayers to provide VAT information from issued or received invoices within a four day period. It will also allow them to create a draft in progress of the VAT return.

This will be necessary for large businesses that invoice over 6.01 million a year, corporate groups, as well as other VAT groups who request the monthly refund scheme.

This new system will make it harder for errors to be made and is being done in hope of reducing VAT fraud. It is also a simpler system allowing the contributor to see how much tax they have paid and what charges are due. The system also allows an extended time frame to file VAT returns.



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