Spain is one of the first EU nations to adopt the Continuous Transaction Controls (CTCs) method, with the introduction of mandatory near real-time invoice data reporting in 2017. With this requirement, Spain’s tax authority, the AEAT, aimed to streamline refunds, provide taxpayers accurate data for returns, conduct audits more effectively and fight VAT fraud.
Taxable persons who are in scope must report invoice data to the tax authority through a platform known as Suministro Inmediato de Información (SII) within four business days following the date of issue.
In 2020 the tax administration announced a new version of the SII, introducing a ledger to record operations related to the sale of goods in consignment. This came into effect on 1 January 2021.
2 January 2017: The immediate supply of information began on a voluntary basis for taxpayers in Spain.
1 July 2017: The mandatory phase of the immediate supply of information for taxpayers under the scope of the mandate.
1 January 2018: The period to supply the information was reduced from 8 days to 4 days. The mandate was also extended to other Spanish territories (Basque Provinces and Canary Islands).
1 January 2020: Introduction of a ledger to record operations related to the sale of goods in consignment.
Omissions or inaccuracies in the information reporting obligation have a penalty of up to 1% of the total amount missed with a maximum of €6,000.
Late reporting of real-time electronic VAT ledgers will trigger a penalty of 0.5% of the total amount reported, with a minimum of €300 and a maximum of €6,000 per quarter.
Errors or omissions in the Book of certain intra-Community transactions and Book of investment goods has a fixed penalty of €150.
Sovos serves as a true one-stop-shop for managing all VAT compliance obligations in Spain and across the globe.
Sovos supports the Suministro Inmediato de Información (SII) platform, ensuring our customers remain compliant with the legal and technical framework developed by the Spanish tax authority (AEAT).
Sovos experts continually monitor, interpret, and codify these changes into our software, reducing the compliance burden on your tax and IT teams.