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

5.11.3 Advantages of the system

  • Quality information will be available in a time interval short enough to streamline the management system. VAT. This information allows us to offer taxpayers covered by the SII the “Aggregate Books (LLAA)” of VAT, which serve as the basis for the Pre303 service to assist in preparing tax returns. VAT.

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

    Taxpayers will be able to verify this information before the deadline for submitting their monthly tax return. VAT.

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

  • Reduction in information requirements by the Tax Agency, since many of the current requirements are aimed at requesting registration books, invoices or data contained therein to verify certain operations.

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

  • Reduction of formal obligations, eliminating the obligation to submit forms 347 and 390.

  • Reduction in the time required to process refunds, as the Tax Agency now has information on transactions in almost real time and with greater detail.