El Immediate Supply of Information (SII) It is a new VAT management system that requires the details of the invoices issued and received to be submitted online to the Tax Agency (AEAT) within a maximum period of 4 business days extended to 8 business days during 2017; Mandatory for those companies that invoice more than 6 million euros per year.
The SII System, effective as of July 1, 2017, modifies the current system of keeping the VAT registration books and obliges to send electronically to the AEAT Electronic Headquarters the data of the invoices issued and received - including simplified invoices or tickets - within 4 days of their issuance or accounting record.
The new system is regulated in the Royal Decree 596 / 2016, of 2 of December, for the modernization, improvement and promotion of the use of electronic means in the management of the Value Added Tax, published in the BOE on December 6, 2016, with two provisions that affect the first six months after entry into force of the new system:
- Between July 1 and December 31, 2017, the invoice submission period is extended from 4 to 8 business days.
- In this same period, the billing records corresponding to the first semester of 2017. However, the Tax Agency has decided to exempt from this obligation companies from the Monthly Refund Regime (Redeme) that have submitted the model 340 during the first six months of the year.
At Ennumera we are advising a large number of companies in this change of such significance.