The Spanish Tax Agency has issued a presentation about the main aspects of the so called “Immediate Information System” (SII), a new way to …
The Spanish Tax Agency has issued a presentation about the main aspects of the so called “Immediate Information System” (SII), a new way to comply with the obligation to keep a detailed record of the operations, currently subject of the informative return Form 340, which is scheduled for the year 2017.
Initially the ISS will only be mandatory for large enterprises (turnover over 6 million Euros), VAT Groups and companies having applied for the Special Monthly Refund Regime (REDEME), which at present are the only businesses that are obliged to present said Form 340, although it is contemplated that the scope is expanded in the future.
The IIS involves the obligation to inform the Tax Agency electronically of the detail of the invoices issued and received within 4 working days of dispatch or receipt, which will enable the authorities a control of data practically in real time.
Those enterprises being included in the IIS will have certain advantages as well, namely:
- The dead-line for filing their returns is extended ten more days.
- They will not be obliged to file the Forms 340 (detail of transactions), 347 (transactions with third parties ) and 390 ( annual summary).
Manuel Pérez de Algaba