What is the Immediate Supply of VAT Information?
The Immediate Supply of VAT Information is the new system for the electronic management of VAT registration books that is done through the electronic headquarters of the AEAT.
In today’s post we explain one of the main changes that has taken place in the VAT management system: the Immediate Supply of Information (SII).
This system came into force on July 1, 2017 and was born to streamline the VAT management processes of companies.
We give you all the information you need about this system: what it is, who has to file the Immediate Supply of Information, what information it must include and when it is filed.
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What are the objectives of the Immediate Supply of VAT Information?
The main objectives of the SII are:
- Improve the quality of the information and data provided to the Tax Agency by taxpayers.
- Fight against tax fraud through a better knowledge of each taxpayer’s data.
- To save on costs derived from the traditional management of postal documents.
- Improve information for accounting management.
- Obtain more efficiency when dealing with the SII and for its management by both the Tax Agency and the users themselves.
- Increase communication between the Tax Agency and the taxpayers themselves.
How does the VAT Immediate Supply of Information System work?
The SII was created to improve tax control and taxpayer assistance.
Entrepreneurs, professionals and all VAT taxpayers will have to manage their information through the AEAT’s electronic headquarters.
They will be able to carry out a real control of the taxation and thanks to it and to the electronic headquarters of the Tax Agency, taxpayers will be able to:
- Register the invoices received
- Execute a register book of invoices issued.
- Prepare a register book of investment goods
- Control the register book of intracommunity operations.
These books will be created by recording the information sent to the system. For example, each time an invoice is issued or received, it will also be sent to the Tax Agency. Each invoice will be sent twice: to the issuer and to the receiver.
In this way, data can be crossed and a more exhaustive control can be carried out. Taxpayers will also have access to the record books available at the Tax Agency.
Who is obligated to the SII?
The Immediate Provision of Information is mandatory for:
- Companies registered in the REDEME (VAT Monthly Return Register).
- Large companies with a turnover exceeding 6.010.121,04€.
- Taxpayers that are under the regime of groups of entities.
It should be noted that there are companies that voluntarily apply for this system by filing a census return using form 036.
Although there is a deadline to opt for the electronic handling of the registry books by means of the SII for all those companies that want to do it voluntarily, they can do it at any time of the year.
What information must the SII include?
The following information must be submitted:
- VAT Registration Books
- Invoices
- Forms 340 and 347
Information to be included in the Register Book of Invoices Issued
- Invoice number and series
- Date of issue
- Date of transaction
- Identification of the recipient: name, surname, first name, company name or full name
- Taxable base of the transactions
- VAT rate
- VAT charged
- Mention if the operation has been carried out in accordance with the Special Regime of the Cash Criteria.
Information to be included in the Invoices Received Record Book
- Issue number
- Date of issue
- Date on which the operations were carried out
- Name and surname, company name or full name of the party obliged to issue it
- Tax identification number of the person obliged to issue the invoice
- Taxable base of the transactions
- Tax rate
- Tax rate
- Mention of whether the operation has been carried out in accordance with the Special Regime of the Cash Criteria.
When is VAT filed with the SII?
Deadlines vary depending on the type of invoice:
Invoices issued
There is a period of 4 calendar days from the issuance of the invoice. If it is an invoice issued by the recipient or a third party, the term would be 8 calendar days.
Invoices received
There is a period of 4 calendar days from the date on which the invoice or the document containing the customs-cleared quota in the case of imports is recorded in the accounts.
Intra-Community operations
Such as, for example, shipments and receipts of movable tangible goods for temporary use. There is a delay of 4 calendar days from the beginning of the shipment.
Transactions under the special regime of the cash basis
The deadlines are the general ones.
Investment goods registry book
All the registers will be sent within the period of presentation of the last liquidation period of the year, until January 30.
Rectifications of the registers
These rectifications may be collected before the 16th of the following month.
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