The Tax Agency approved on December 2, 2016 the implementation of a new VAT management system, based on the Immediate Supply of Information (SII) through the electronic headquarters of the AEAT. This new system modifies the one that until now had been operating for more than 30 years, with the aim of modernizing, improving and promoting the use of electronic means for the registration or accounting of invoices.
the SII will enter into force on July 1, 2017 and will affect those companies obliged to declare monthly VAT and that are registered in the REDEME (Monthly VAT Refund Register), invoice more than 6 million euros per year or are under the special regime of the group of VAT entities. Any company may also voluntarily join this new management system, being able to renounce it if it wishes at the end of each year.
The Immediate Provision of Information consists of send electronically through the electronic headquarters of the AEAT and, within a very short period of 4 working days, all the information contained in the record books of both invoices issued and received, as well as in the register books of capital goods and certain intra-Community transactions. This information will be sent via XML message.
The SII is a VAT management system that requires you to present the extended VAT book of invoices issued and received within 4 working days online through the Tax Agency (AEAT).
A system that emerges as a measure to combat tax fraud,trying to update the different registration books of companies almost in real time. This allows that once an invoice has been registered, it cannot be altered or modified at all without the approval of the Tax Agency.
With the entry into force of the Immediate Supply of Information, it will no longer be mandatory to submit the corresponding forms 347, 340 and 390. It will only be necessary to present the self-assessments of the tax during the first 30 working days of the following month.
The Immediate Provision of Information will affect companies with a turnover of more than 6 million euros, taxable persons covered by REDEME and taxable persons covered by the special regime of the group of VAT entities.
What information should be sent to the AEAT?
It is important to be clear that you will not have to send the invoices themselves, but the invoicing records and additional information of fiscal relevance found in the VAT and invoice registration books,as well as information of tax significance included in forms 340 and 347.
This information will be provided electronically through XML messages,and the structure of the shipment will have a common header with the information of the owner of each record, in addition to the information of the complete year and the period in which the registration of said operations was carried out. A block reserved for the content of the invoices will also appear in the header.
It will be necessary to specify the type of operation, the basic content of the invoice (NIF, identifiers, amount, date), the deductible fee of the invoices received.
When do I need to submit billing records?
- Record book of invoices issued:During 2017 the term is 8 days. In the event that the invoices have been issued by the recipient himself or by a third party, the period will increase to eight working days. In any case, the information must be sent before the 16th of the month next to the month in which we make the accrual of the corresponding tax.
- Record book of invoices received:period of 4 working days from the date of registration of the invoice, always before the 16th of the next month to the settlement period in which the corresponding operations will be included.
- Record book of intra-community transactions:period of 4 working days from the date of dispatch or transport.
- Investment Assets Information Record Book:must be sent within the deadline set for the submission of the last settlement period
Main advantages of IBS
- Freedom from formal obligations,ending the obligation to submit forms 347, 340 and 390.
- More information and legal certainty:in the AEAT taxpayers will have a declared registration book and another contrasted with that contrasting information from third parties belonging to this system or to the database of the Tax Agency.
- Selective and fast verification:by obtaining the AEAT the information in real time, it allows to anticipate the verification.
- Increase in the deadline for the settlement of VAT:extension of ten days of the deadline for submitting VAT self-assessments.
The Immediate Information System will enter into force on July 1, 2017. By that date, all those companies that have to comply with the SII must have their computer systems adapted to comply with the relevant obligations,as well as reevaluate their operations, systems and procedures.
If you want more information about IBS, do not hesitate to contact us.
In AYCE Consultores we will assist you and try to solve all your doubts without any commitment.