Tax modifications VAT and invoicing regulations Royal Decree 1075/2017

Royal Decree 1075/2017 of December 29th modifies some aspects related to VAT and other tax regulations of the same date.

In this article, we will focus on the changes related to VAT and the invoicing regulations.

What are the 3 main VAT changes for 2018?

The main modifications made are detailed below:

1. Refund scheme for travelers: The electronic refund document for the management and control of refunds to travelers goes from being optional to being mandatory. 
2. Authorizations in relation to VAT ledgers: The AEAT Management Department can now authorize ledgers of issued and received invoices to include less information than was mandatory until 31-12-2017. 
3. SII (Immediate Supply of Information)

Regarding the SII (Internal Revenue Service), the following modifications have been made:

a) Obligation to record the total amount of the transaction in the register of issued and received invoices in the following cases:

• Used goods.
• Art objects, antiques and collectibles.
• Special regime for travel agencies.

b) The deadline from 1 January 2018 to provide the information, as a general rule, is 4 calendar days (and not the 8 days that had been in force until 31 December 2017).

c) Taxpayers who choose to keep their accounting records electronically through the Spanish Tax Agency (AEAT) from 1 January 2018 onwardsare exempt from filing monthly VAT returnsand will revert to filing quarterly returns. This measure is intended to encourage the inclusion of the majority of businesses in the Immediate Supply of Information (SII) system, even if they are not legally required to do so.

d) Order HFP/1307/2017, of December 29, modifies, among other models, the general VAT form 303, where, with a special box, it is possible to identify in the self-assessment those taxpayers who voluntarily keep the VAT register books through the electronic headquarters of the AEAT.

e) The obligation to submit the informative form 340 is excluded for VAT taxpayers required to submit the SII, while the obligation to submit form 340 is maintained for IGIC taxpayers. 

What are the main changes affecting the billing regulations for 2018?

Until December 31, 2017, when issuing a corrective invoice, it was necessary to provide the identifying information of the invoices being corrected. This requirement, which seems very simple, can cause significant headaches for its proper management depending on the sector. Therefore, for 2018, it is now possible to omit the identification of corrected invoices in the following cases:

• When the modification of the taxable base originates from the granting of discounts or bonuses for volume of operations.
• In other cases where authorized by the Tax Management Department of the AEAT.

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Francisco Romero

Tax and accounting consultant at Àmbit Assessor

With a degree in Business Administration and Finance, he combined his work as a consultant in the tax and accounting department of Gestart Assessores with his studies for ten years, primarily a degree in Business Administration and Management from the University of Barcelona. In March 2017, he joined Àmbit Assessor, SL as a tax and accounting consultant.

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