Suministro Inmediato de Informacion (SII)
From the 1st July 2017 the Spanish Tax Authority requires that large companies (over €6 million turnover per annum), VAT groups and reporters using REDEME make an Immediate Supply of Information. These submissions must be completed within four working days of the issuance or receipt of the invoice. However, for 2017, an eight-day requirement will be applied.
Companies submitting via SII:
- No longer required to file forms 347 (third-party transactions), 340 (record books) and 390 (annual VAT summary)
VAT deadlines for businesses reporting SII
The monthly VAT reporting deadline for affected businesses will be moved to the 30th of the month following the reporting period. The requirement to submit recapitulative statements is removed.
- Terms exclude Saturdays, Sundays and national holidays
- February’s deadline will be the last working day of the month
There are seven submissions required for SII:
1. Issued Invoices Ledger
2. Supply of Collections for invoices recorded in the Invoices issued ledger
3. Received Invoices Ledger
4. Supply of Payments for invoices recorded in the Invoices received ledger
5. Capital asset ledger
6. Specific intra-Community transactions ledger
7. Collections in cash ledger
Avalara VAT Reporting addresses the complex automation needs of companies looking to increase their compliance accuracy and significantly reduce their dependency on manual processes and in-house or spreadsheet based technology.
By extending existing modules in the application, Avalara VAT Reporting has been able to meet the demands of SII. A zero-touch approach has been taken to reduce the risk of a user not submitting a return on time, further decreasing the need for manual compliance processes.
Avalara VAT Reporting eliminates the arduous task of manually preparing and filing VAT and supplementary reports for companies with multi-jurisdictional compliance obligations by automatically extracting data from financial systems and producing electronic filing formats as per country specifications.
Ensure you can meet deadlines and comply when Spain introduces new electronic real-time transactional legislation on the 1st of July 2017.