In December 2016, an announcement was made that will lead to big changes for all companies doing business in Spain. The Spanish government will begin requiring businesses that file monthly value-added tax (VAT) returns to electronically submit transactional invoice data for both sales and purchases as of July 1, 2017. As a result of this mandate, more than 60,000 companies will need to implement a new reporting standard that includes real-time registration of transactional data, dubbed the Immediate Submission of Information (SII).
The SII will require companies to submit all documents related to VAT liabilities in real time. While this real-time reporting process does not begin until July 1, 2017, companies will be required to show all documentation dated from January 1, 2017. This means that companies need to start putting processes in place now in order to ensure compliance.
Join us for an upcoming webinar to learn more about this mandate, including:
- Highlights of the legislation and its impact on your organization
- Recommendations on how to start preparing for the new mandate
- Strategies for avoiding potential risks, including operational and IT support issues as well as audits and penalties