EGL9.2: New VAT management system For Spain (SII) Applicable from 1 July 2017 (Doc ID 2281879.1)

Last updated on AUGUST 03, 2017

Applies to:

PeopleSoft Enterprise FIN General Ledger - Version 9.2 to 9.2 [Release 9]
PeopleSoft Enterprise FIN Payables - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.

Goal

The government of Spain has  approved  the Royal Decree 596/2016,on December 6th 2016, for the modernization and improvement of the use of electronic means, pending to be approved as from the last legislature. This new system will be compulsory as from next July 1st, 2017 for those taxpayers obliged to submit their VAT returns (i.e. Form 303) on monthly basis because either: (i) they are larger taxpayers, (ii) they are included in the VAT Monthly Refund Register , and (iii) they apply the VAT group regime. The obligation established in the new article 62.6 of the Spanish VAT regulation affects, in general, to: (i) outgoing invoices VAT ledger; (Ii) incoming invoices VAT ledger; (iii) Investment goods VAT Ledger; and iv) VAT Ledger for certain Intra-EU transactions.The new system will replace some relevant existing monthly/annually tax reports, i.e. Form 347 (annual return for transactions with third parties) and Form 340 (VAT ledgers detailed info submitted by electronic means, nowadays compulsory only for taxpayers included in the VAT Monthly Refund Register-). The preamble of the Royal Decree also refers to Form 390 (Annual VAT return), but the current wording of the new rule, does not specifically state it.

 

Solution

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