From 2017, more than 62,000 businesses will be required to manage their VAT electronically. To ensure seamless adaptation, EDICOM has published a White Paper on the workings of the Immediate Information Sharing or IIS system developed by the Spanish Tax Administration Agency (AEAT).

DOWNLOAD THE WHITE PAPER

VAT e-bookkeeping entails some changes in company administrative and tax processes, mostly related with how to submit or deliver the information to the Tax Agency. For example, it will no longer be necessary to present official forms 340, 347 or 390 at the end of each cycle. This is because VAT record books will now be managed and checked remotely via the AEAT’s electronic office.

Although the digital leap to this new system will not be mandatory until next year, a pilot project to test the initiative will be starting up soon, prior to launching the IIS platform. EDICOM is taking part in the pilot project, as a trial run for its technological solution, so that when users start to apply it in 2017 it will be fully adapted.

Who will be required to manage VAT through the new IIS system?

In the IIS initial roll-out phase, 62,000 Spanish companies that currently self-assess VAT on a monthly basis will be obliged to join the system. We distinguish 3 groups:

• Large companies with turnover of more than €6 million euros.
• VAT groups.
• Taxpayers registered in the Monthly VAT Refund Regime (mostly SMEs).

All companies wishing to do so may join this new system voluntarily. Bear in mind that VAT e-management provides benefits such as automation, extension of the deadline for periodic self-assessments, fewer formal obligations, faster checking times or fewer information requirements from the AEAT.

How does the IIS affect companies?

To find all the details of this system, download our Expert Analysis on VAT e-bookkeeping through the IIS here.

You may also attend the information sessions taking place on 2^nd and 3^rd March in Barcelona and Madrid, respectively. To register and see the schedule, please check the event website.

Would you like to find out more?

Ask for information.