On July 1, 2017, the immediate supply of information, also known by its acronym SII, entered into force. Despite being in operation, the new VAT management system (through the SII) will not be mandatory until January 1, 2018. This new system to account for VAT registration books is assuming a revolution with respect to the previous system , which remained immovable during the last thirty years.
The Tax Agency (AEAT) has developed this system to account for VAT registration books electronically. The main change is in the obligation to inform almost at the moment (between 8 and 4 days, according to the casuistry) to the AEAT of the Billing Registry. Also, adaptation to the new telematic model has meant a work plus for computer equipment. Therefore, many companies delegate in advice specialists in taxation and accounting , such as Verum Management.
Who has to use the new immediate supply of information?
According to data from the Tax Agency, the immediate supply of information affects approximately 63,000 taxpayers. This number represents around 80% of national business billing. Royal Decree 296/2016 establishes that the SII must necessarily apply to those taxpayers who autoliquide VAT monthly, that is:
- Business volume of more than 6 million euros.
- Companies that apply the VAT group regime (special regime).
- Taxpayers who are registered in the Monthly Return Registry.
The AEAT launched this system to register electronically the invoices issued and received from the taxpayers. The key is that the administration has in a short space of time (4 days) the billing of the company.
The immediate supply of information requires the information that includes the registration books collected by the VAT regulations. Specifically, the SII forces the broadcast and telematic declaration of invoices issued and received, including simplified invoices (expenditure tickets).
The objective is to update VAT management thanks to new technologies. It also seeks to simplify VAT management, reduce deadlines in such management and also combat tax fraud.
changes respecting the previous system
The update of VAT management by the Tax Agency has meant various changes with respect to the traditional model.
- Declaration of invoices within 4 days (the last semester of 2017 we have 8 days). When this issuance is made by a third company, for example Verum, the deadline is doubled (8 days).
- Change of format. The SII model works through an XML language, which you can find on the web portal of the Tax Agency.
- The self -assessment has been extended from 20 to 30 days.
- The new system allows the AEAT response. The public administration warns of the reception of each message by the taxpayer. This speeds up the registration books and consists of the company’s information.
- Decrease in deadlines.
- Suppression of some mandatory annual models when the Tax Agency already disposes of the information.
SMEs and SMEs should use the SII?
The Ministry of Finance announced that self -employed may continue to postpone their VAT payments with a maximum of € 30,000 and a period of 12 months. Currently, this postponement involves a way of financing itself, since it allows for some liquidity. As for SMEs, there is still nothing formulated about it.
Do you have doubts about SII? We are specialists in your management!
Our technical team has a exhaustive specific training in the new VAT management system through the immediate information system (SII). Therefore, trust professionals and delegate in Verum Management the processing of your company’s VAT. We are waiting for you in firstname.lastname@example.org