The Spanish government has announced that it will introduce a new real-time VAT reporting system from January 1 2017, requiring larger tax payers to file transaction details within four days of invoices issued/received.
The aim of the measure is to help reduce fraud or unintentional misrepresentation. The system will apply to taxpayers which invoice more than €6 million ($7.5 million) per year, consolidated VAT groups and companies which have the right to reclaim VAT refunds on a monthly basis.
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