Spain is set to launch an important import VAT postponement regime which will offer importers major cash-flow incentives. The new scheme should come into force from 2015.
According to this regime, which is totally new in Spain, certain VAT taxpayers who make imports will be allowed to defer the payment of the VAT upon import to the moment the VAT return is filed ( rather than paying it to the Customs Authorities along with the Customs Duties ) at the same time the VAT credit will be accounted . This provides an important cash flow benefit as it will no longer be necessary to pay the VAT on the one hand having to subsequently claim its credit, thus having a nil impact.
To qualify for this category, annual sales must be above €6 million or have already opted for the monthly refund regime.
