We explained the details of the immediate supply of billing records that will be implemented from 1/07/17.
Among the main tax changes introduced by Royal Decree 596/2016, of December 2, the mandatory use of the Immediate Supply of Information (SII) is established for some taxpayers from July 1, 2017.
What is the SII?
The Immediate Supply of Information (SII) is a new system for keeping the records of the Value Added Tax through the electronic headquarters of the AEAT, by means of the almost immediate supply of the billing records that will be implemented from 1 July 2017.
Who is affected by the SII?
The new SII will be mandatory for taxpayers who are currently required to self-assess VAT monthly:
– Registered in the REDEME (Monthly VAT Refund Register
– Large Companies (turnover exceeding €6,010,121.04 in the previous year)
– VAT Groups
The new SII system will also apply to taxpayers who voluntarilychoose to adopt it (by selecting it on form 036 in November of the year prior to the year in which it will take effect). To apply the SII system from July 1, 2017, the option must be exercised during the month of June.
How does the SII work?
Taxpayers subject to the SII system are required to keep the following Register Books through the AEAT's electronic office, by means of the electronic supply of invoicing records:
– Register of issued invoices.
– Register of received invoices.
– Register of investment goods.
– Register of certain intra-Community transactions.
The electronic submission of billing records will be carried out through the Spanish Tax Agency's (AEAT) Electronic Office via a web service or an electronic form. This form will include a common header with information about the taxpayer, the tax year, and the period, and a section where the invoice details will be entered. Taxpayers do not need to submit the invoices themselves; instead, they must complete the specified fields in the billing records.
When do billing records have to be sent to the AEAT?
A general period of four calendar days is established for the electronic submission of information from the date of issuance of the invoice, or from the date of the accounting registration of the invoice received or the document in which the fee settled by customs is recorded in the case of imports (when it comes to invoices issued by the recipient or by a third party, the period will be eight calendar days)
In the case of intra-community operations, the four-day period shall be calculated from the moment of commencement of the dispatch or transport, or where applicable, from the moment of receipt of the goods to which they refer.
However, during the second half of 2017, the previous period of four days was extended to eight calendar days.
For the calculation of the period of four or eight calendar days referred to in the preceding sections, Saturdays, Sundays and national holidays shall be excluded.
Taxpayers who apply the SII from July 1, 2017 will be required to submit the billing records for the first half of 2017 before January 1, 2018.
What are the advantages for taxpayers under the new SII system?
The deadline for submitting monthly self-assessments is extended by 10 days. Taxpayers using the SII system will have until the first thirty calendar days of the month following the corresponding monthly settlement period to submit their periodic self-assessments, or until the last day of February in the case of the self-assessment corresponding to January.
Taxpayers subject to the SII (Immediate Supply of Information) system will be exempt from filing forms 347, 340, and 390, as well as from preparing VAT ledgers. They will only be required to submit the corresponding monthly VAT self-assessments.
Recommendations
If you are currently a Large Company, VAT Group or included in the Redeme, we advise you to visit our offices during these 6 months remaining before the SII comes into effect so we can inform you how you will have to start managing the submission of invoice information to the Tax Agency.
At Àmbit Assessor we are experts in national and international taxation and we would be happy to help you.
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A graduate in Business Administration from the University of Barcelona, she continued her education with a Postgraduate Diploma in Accounting and Management Control from Pompeu Fabra University, and completed various courses in tax and fiscal matters offered by the Terrassa Chamber of Commerce, the Barcelona Bar Association, and the Center for Financial Studies. Before joining Àmbit Assessor in 2001 as a tax and accounting consultant, she worked as an administrative assistant at Caixa Manresa and Banc Sabadell and as a tax information call center operator at the Spanish Tax Agency. For three years, she served as treasurer of the L'Alzinar Recreational and Cultural Society, a position she held concurrently with her work at Àmbit Assessor.
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