13 December 2016 Spain to require electronic records and submission for VAT books starting July 2017 The Spanish Government passed the Royal Decree 596/2016 on December 6, dated December 2, for the modernization, improvement and promotion of electronic means in the management of value-added tax (VAT), which amends the Spanish VAT Regulation, the Invoicing Regulation and the General Regulation on tax management and inspection procedures. Taxpayers who file VAT returns on a monthly basis will be required to apply this regime from July 1, 2017, by means of which they will be obliged to electronically keep the Spanish VAT books through this new "Immediate Submission of Information" (ISI) system. This electronic keeping is achieved through the electronic submission of information of the VAT books, extended for these monthly taxpayers. The ISI will be optional for other taxpayers. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-2119 |
