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Economic Activities Manual. Fiscal duties of employers and resident professionals in Spanish territory

5.11.3 System advantages

  • Quality information will be available in a sufficiently short time interval to streamline the VAT management system.

  • Obtaining “Tax Data”, since the taxpayer will have at the Electronic Headquarters of the Tax Agency a “declared” Registry Book and another “verified” one with the contrasting information from third parties that belong to the group of this system.

    Taxpayers will be able to verify said information before the end of the deadline for submitting their monthly VAT declaration.

    The taxpayer will have the possibility of correcting errors made in the shipments without having to be required by the Tax Agency to do so.

  • Reduction of information requirements by the Tax Agency, since many of the current requirements are intended to request the Record Books, invoices or data contained therein to verify certain operations.

  • Modernizes and standardizes the way of keeping the traditional VAT Registration Books.

  • Reduction of formal obligations, removing the obligation to file forms 347, 340 and 390.

  • Reduction in the deadlines for making refunds, as the Tax Agency has information in almost real time and greater detail about the operations.

  • Taxpayers included in the new system will see the deadlines for submitting and depositing their periodic VAT self-assessments extended by 10 days.