Spain VAT compliance measures to tackle fraud
Mon 15th Oct 2012
The key measures include:
- New application of the reverse charge mechanism in the real estate industry. Firstly on the sale of real estate, and secondly on the restoration of properties.
- A new penalty regime for incorrect submissions on importation declarations.
- Application of VAT on the sale of shares of real estate companies.
- Easing of VAT reporting in the case of businesses in administration. In particular eliminating the requirement to maintain pre and post administration VAT records.