The AEAT in its unstoppable bet for the new technologies, has published on its web site a press note forwarding a new measure to be implemented by January the 1st of 2017: the System of Immediate Exchange of Information (S.I.I) in VAT.
What is all this about?
The contributors for VAT will have to register directly on the website of the Tax office the details of the invoices issued and received that normally would be registered on the books of VAT. There would be a term of four days from the date of issue or from the day of reception to do it, so therefore the contributor is filling its VAT books on-line on the very same website of the Tax office
Who is obliged?
It will be compulsory from January the first of 2017 for big companies, VAT groups of companies and companies registered at the Monthly Devolution System. For the rest of contributors it will be voluntary to be in it or not.
Benefits
As it already happens with the Income tax, the Tax office lends you a draft of your VAT declaration, so you can confirm your own details, avoiding inspections and easing the devolutions. Forms 347, 340 and 390 will disappear and the term to submit tax declaration of VAT increases in 10 more days.