AEAT Updates SII FAQ

As part of an effort to facilitate a better understanding and increase compliance of taxpayers subject to the Supply of Information System (locally known as SII), which became effective July 1, the Spanish tax administration (AEAT) has updated its content of the Frequently Asked Questions document that explains, using a question and answer format, how the SII works. This new release of the SII FAQ includes five new questions and answers related to how taxpayers should report invoices for transactions carried out between January 1 and June 30, and how the AEAT will compare the invoice information supplied by a taxpayer with the invoice information provided by other taxpayers. Another important updates made to the FAQ relates to transactions reported in the Ledger of Certain Intra Community Transactions, which now will need to be reported in the Sales and Purchase ledgers if such transactions are supported by invoices.