The VAT Immediate Information Supply (SII) should not worry us but we should take care

Immediate Vat Infromation System

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 Value 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 System of Immediate Delivery of VAT Information (click here for in depth details of the law) is definitively established for July 1, 2017.​ 

For many CFOs this news can be a great distraction because what was a long-term project has become an urgent task. The adaptation to the new law will entail changes for the Tax Area, but it can also have a substantial impact on the Accounting Process of supplier invoices and the issuing of invoices to customers, insofar as it is the source of information on which the tax area later uses.

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 invoices canceled between cancelation document and canceled invoice.​

easyap, as a specialist service provider, understands that it must support its customers in two fundamental points:​

  1. From the point of view of Systems, simplifying the process of communication with the electronic headquarters of the Spanish Tax Office (AEAT) by delegating the transmission tasks signature and monitoring to third parties.
  2. 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​ 

Informative Webinar IIS (SII) Documentation Kit IIS (SII) IIS (SII) TEST FILES

Sign up for our next informative Webinar where the impact that SII will have on organizations will be presented; The changes to be taken into consideration in accounting procedures and computer processes. And a methodological approach to safely address adherence to the standard.​

 

Download the must-read Documentation Kit to plan compliance with the Immediate VAT Information System.​

Send us a test file with your invoices, we will process it in test mode with the Electronic Office of the Spanish Tax Office (AEAT), and within 8 hours we will notify you of its validity or not.​ 

(Available soon)

There is time to get on with the IIS, but not as much as it seems.​

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