SII
SII (Immediate Supply of Information) is the system for submitting VAT records through the Tax Agency’s Electronic Website (AEAT). Every time an invoice is issued or received, the information must be sent to the AEAT. Each invoice will be sent twice: once by the issuer and once by the recipient. This allows the Tax Agency to cross-check the data and verify the information.
The main reason for its implementation is to improve tax control over taxpayers by the AEAT.
How does it affect businesses on a daily basis?
In practice, this new system establishes continuous communication of information between companies and the AEAT, which will have real-time access to a significant portion of their transactions.
Who is required to adopt it? Is it optional?
The new system is mandatory for:
- Companies registered in the REDEME (Monthly VAT Refund Register).
- Companies with a turnover exceeding 6 million euros.
- Taxpayers such as SMEs and self-employed individuals under the group entity regime.
Benefits
Although this system allows for greater taxpayer control by the AEAT, it also has certain positive aspects, such as:
Submitting and paying VAT self-assessments later than usual.
Eliminating the requirement to submit forms 347, 340, and 390.
Access to tax data: The AEAT’s Electronic Headquarters will provide a 'declared' Record Book and a 'verified' one containing third-party cross-checked information.
In some cases, tax refunds may be expedited.
Ticket BAI
Since October 2020, if you own a company, advisory firm, office, or self-employed business in the Basque Country, you must be aware of the new Ticket BAI regulation. Ticket BAI is a system jointly implemented by the Provincial Treasuries and the Basque Government to combat tax fraud.
Its goal is to establish new legal requirements for all individuals and legal entities engaged in economic activities.
What must companies do to comply with Ticket BAI?
The implementation of Ticket BAI requires companies to adopt technical solutions to control their revenue.
Objectives
Ticket BAI has other objectives, such as:
Greater control over business revenues from cash payments.
Ensuring taxation based on real economic capacity.
Protecting consumers by ensuring they receive a ticket for each purchase and can assert their rights.
Reducing the cost of complying with tax obligations.
Veri*Factu
The AEAT is promoting the VeriFactu system as a means to combat tax fraud and advance the automation and digitization of procedures. Companies that use software for issuing invoices are directly affected, as they must create an invoice record at the same time the invoice is issued.
Who is affected by VeriFactu?
The new VeriFactu system will affect all companies and professionals engaged in economic activities, whether subject to Personal Income Tax (IRPF) or Corporate Tax.
Benefits
The use of the VeriFactu system has multiple advantages:
It guarantees the quality of invoicing
This system accredits the accuracy and authenticity of the invoicing records. It prevents a third party from manipulating the data.
Improves the relationship with the tax authorities
The automatic sending of data facilitates control by the Tax Agency, which can help to avoid possible inspections.
Increases customer confidence
Thanks to the QR code, the invoice recipient can verify the data contained in the document, which makes them feel more confident when entering into a business relationship.
Boosts the digitisation of the business
It allows invoices to be prepared and accounting to be managed more quickly and efficiently. So accounting staff can devote their talents to more value-added tasks.
Simplifies tax management
With invoicing fully digitised and data held by the Treasury, filing quarterly self-assessment forms, and even Corporate Tax, becomes much simpler.
