A year ago, the SII (Immediate Information System) came into effect, allowing certain companies that met specific requirements to begin maintaining their VAT records through the AEAT’s Electronic Office.
To give blog readers a brief introduction to the SII system, the new SII brings the timing of invoice recording closer to the actual occurrence of the economic transaction underlying the invoices.
There are two main reasons for implementing the new system. First, to improve tax compliance, and second, to provide better assistance to taxpayers.
Applies to:
- Companies registered with REDEME
- Large companies with annual revenue exceeding 6 million euros.
- VAT groups
- Anyone who chooses to participate voluntarily.
As you all know, the new version of the SII 1.1 reporting system went into effect on July 1, 2018, replacing the initial version 1.0.
To learn more about all the changes in this update, we’ve provided the official government bulletin. Click here!
New features in this version include some changes to the submission file, such as new tags and modifications to the previous schema.
At Beroni, we developed and installed the updated version of the software for all our clients enrolled in the Immediate Information Reporting program at the beginning of last July.
The two file formats coexisted for 20 days (until July 20, 2018), allowing invoices to be submitted to the tax authorities in both formats (1.0 and 1.1).
On the tax agency's website, you can find various forms and templates that clearly show the relevant changes. Click to view the PDF.
The results of a full year of submitting reports to the SII on behalf of our clients have been very positive. All of our travel agencies have adapted successfully and are operating without any issues.
To learn more about your travel agency’s obligations, please don’t hesitate to contact us!
