Is there any planned solution for new VAT management system based on real-time information from busi

The Spanish Tax Agency has launched a modernisation strategy in Value Added Tax management that will streamline refunds, provide taxpayers with the tax data for their returns and conduct verification activities in a quicker more effective manner, thanks to the virtually real-time knowledge that the Agency will have regarding business transactions involving those registered in the system.

The new Immediate Information Sharing (SII) system will be launched on 1 January 2017, thus providing enough time to implement required regulatory changes, adapt the Tax Agency's computer systems and enable taxpayers to adapt to the system. This will only be required for a group of 62,000 taxpayers consisting of large companies, company groups for VAT purposes and those registered in the monthly VAT refund regime ('Redeme'), a group which represents 80% of the total invoicing of all VAT taxpayers in Spain. Remaining VAT taxpayers may voluntarily use the system and, if they chose, stop using the system at the end of each year.