As part of the anti-fraud package, on December 2, 2016, the law for the modernization, improvement and promotion of the use of electronic means in the management of IValue Added Tax was approved. Better known as Immediate supply of information or (SII). This Law has been endorsed in Royal Decree 596/2016.
After several delays, the entry into force of the new Immediate VAT Information Supply System (click here for detailed information on the law) has been definitively set forJuly 1, 2017.
For many CFOs, this news may be a major distraction because what was a long-term project has now become an urgent task. Adapting to the new law will mean changes for the Tax Department, but it may also have a substantial impact on the Accounting Process for Supplier Invoices and the issuance of Customer Invoices, insofar as it is the source of information on which the tax department subsequently works.
The fundamental change introduced by the new SII VAT law involves moving from submitting statements with monthly / annual periodicity and with summary information as it is currently done, to do it online - through the Electronic office of Spanish Tax office (AEAT) - and at the transaction level (invoice Received and invoice issued / ticket). Therefore, the relationship between Accounting and systems / communications is even closer.
The online presentation, regardless of whether it is communicated immediately or within the 4 days allowed, requires a solid and robust Accounting Process. Once a transaction is registered, it can not be altered in aspects that affect the tax chapter without notifying and justifying the modification by the same route and in the same period. Changes affecting the identification of invoices, dates of accruals, issuer, taxable bases and taxes can not be made without the subsequent posting of the modification registry.
Additionally, in certain cases, it is mandatory to report other transactions, whether invoices issued or received from related documents:
- Registration of customs expenses (DUAs) related to the bill for the purchase of goods
- Amending invoices with tax correction changes with a rectified invoice
- Unique identification of canceled invoices between the cancellation document and the canceled invoice.
easyap, as a specialist service provider, understands that it must support its customers in two fundamental points:
- From the point of view of Systems, simplifying the process of communication with the electronic headquarters of the strong Spanish Tax Office (AEAT) ; by delegating the transmission tasks signature and monitoring to third parties.
- Independentization of the accounting process from all normative changes and abstracting the procedures of accounting codification from the mapping required by the Tax Agency.
At easyap we are carrying out awareness-raising initiatives that allow our clients to confidently face the challenge of adherence to the regulations
There is time to get on with the IIS, but not as much as it seems.
