The Spanish Government is planning to change the Spanish Value Added Tax regime and this will be effective from 1 January 2015.
The changes are as follows;
- Transaction of barter must be included in the agreement by both sides in terms of monetary value of the goods being exchanged to help the tax authorities to determine the taxable base for VAT.
- To bring into the line with EU VAT Directive, the Spanish Tour Operators Margin Scheme (TOMS) is being modified.
- The rules on VAT Groups are being harmonised with the EU VAT Directive, including a requirement that there must be at least 50% voting or capital control.
- 2015 EU place of supply rules for B2C electronic, broadcast and telecoms services will be included in common with all other member states for the 1 January 2015 implementation.
- The reduced VAT rates on a range of medical supplies and pharmaceuticals are to be increased.