Immediate Supply of Information System (SII)

On the 6th of December the Royal Decree 596/2016 of the 2nd of December was published in the Official Spanish Gazette with regards to the modernization, improvement and boost of the use of electronic methods in V.A.T. management, by means of which the Regulations on Value Added Tax were modified, approved by the Royal Decree 1624/1992 of the 29th of December, the General Regulations on tax management and inspection procedures as well as the creation of common regulations for the application of taxes, as approved by the Royal Decree 1065/2007 of the 27th of July and the Regulation by means of which the billing obligations were regulated, as approved by the Royal Decree 1619/2012 of the 30th of November, by means of which the new Immediate Supply of Information System (SII) was introduced.

The SII which consists of an almost instantaneous information process, will affect specific contributers on an obligatory basis from the 1st of July 2018, and said contributers must present the information from the invoices which have been sent and received within a maximum period of 4 calendar days from the date of issuance (invoices issued) or the accountancy date (invoices received.)

The main characteristics of the SII are the following:

1. SCOPE OF APPLICATION

The application of the new SII will be obligatory for all taxable persons who are currently obliged to file a monthly-self assessment for value added tax:

• Taxpayers registered in the VAT Monthly Refund Special Regime (REDEME)
• Large Companies
• V.A.T. Groups. The new SII will also be applicable to any taxable persons who choose to join this system.

2. INFORMATION SUBMITTED TO THE SII

The taxable persons to whom the SII applies, must keep the following Registry Books and must submit them to the AEAT electronic office, by means of the electronic delivery of the billing records:

• Books of Issued Invoices.
• Book of received invoices.
• Book of investment goods.
• Book of certain intra-community transactions.

3. DEADLINE FOR THE PRESENTATION OF THE TAX RETURN

The tax-returns-settlements corresponding to the persons and entities which the SII applies to, must be presented during the first thirty calendar days of the month immediately following the period corresponding to the monthly tax return, or before the last day of February in the case in which the tax return corresponds to the month of January.

4. DEADLINE FOR THE ELECTRONIC SUBMISSION OF THE BILLING RECORDS

A) Invoices issued

This will be issued within a period of four calendar days from the date of issuance of the invoice, except in the cases of third party billing or customer self-billing, and in which case the deadline will be eight calendar days. In both cases this must be provided before the 16th day of the month following the month in which the tax accrual corresponding to the operation which is to be registered took place.

B) Invoices received

These will be sent within a period of four calendar days from the date on which the accounting records of the invoice were made, and in any case this will be prior to the 16th day of the month following the settlement period which includes the corresponding operations.

In the case of importing operations, the four calendar days should be calculated from the date on which the document in which the fees settled for customs duties are recorded, and in any case this should be before the 16th day of the month following the period which the tax return in which this has been included refers to.

C) Intra-community transactions

This will be sent within a maximum period of four calendar days from the moment in which the transportation of shipping starts, or where appropriate, from the moment in which the goods which are referred to are received.

D) Information regarding investment goods

This will be sent within the deadline for the presentation of the final settlement of the year (until the 30th of January.)

The calculation of four or eight calendar days, excludes Saturdays, Sundays and other national holidays.

5. ELIMINATION OF OTHER INFORMATIVE OBLIGATIONS

Those taxable persons who are subject to the SII will not have to present informational declarations (Forms 347, 340 and 390.)

If you need any more information regarding the new Immediate Supply of Information System (SII), please do not hesitate to contact us, and we will provide you with all the necessary information regarding this new system.