SII (VAT based in the Immediate Supply of Information)
SII is a new system for the management of VAT via the website of the Spanish Tax Agency.
Large companies with turnover of more than €6,000,000,000 are mandatory to declare VAT through SII system.
The invoicing details must be submitted to the Spanish Tax Agency electronically (by web services based on the exchange of XML messages).
The books to be submitted are:
- Record book of invoices issued
- Record book of invoices received
- Record book of investment goods
- Record book of certain Intra-Community transactions
- Cash amounts (annual)
VAT Tax
Definition of VAT Tax Codes and tax account determination. (Sales equalization Tax, deferral Tax, Canary Island taxes)
VAT Tax Reports
- VAT report 303: VAT operations with third parties.
- VAT report 347: VAT operations summary for those Spanish third parties with amounts higher than 3.005,06 EUR or in cash amounts higher than 6.000 EUR
- VAT report 349: VAT operations with third parties that belong to the European Union.
- VAT report 390: Annual VAT operations with third parties
Withholding Tax
Definition of Withholding Tax Codes and tax account determination.
(Professionals, freelance, rentals, copyright)
Withholding Tax Reports
In Spain the companies are required to report withholding tax operations to the government. Additionally, provide vendors with a statement, in case are requested.
- Form 111: Professionals withholding tax operations.
- Form 115: Real state rentals withholding tax operations.
- Form 190: Annual summary of withholding tax operations.
Mapping Chart Of Accounts
Support to key users to define local chart of accounts and link to group chart of accounts.
Fixed Assets
Chart of Depreciation will be set up per Country to cover Local legal requirements.
Parallel Ledger Activation
A Parallel ledger could be created per Country in case the accounting treatment between the Corporate Group differs from the local books in case of the following:
- Provision for doubtful debts
- Inventories
- Unrealized currency gains
- Investment in group companies
- Assets depreciation
Legal Statements Creation
We can differentiate two Group Balance Sheet structures:
- Group Reporting: Balance Sheet Structures mapped to the Operative CoA for Group reporting.
- Local Reporting: Balance Sheet Structures according to Local requirements.
Local Master Data
Master data check: GL accounts, fixed assets, customers, vendors, Loans, trading partners, banks.