From 1st January 2019, the Canary Islands will implement the Spanish Immediate Supply of Information (SII) regime, which is a mandatory real-time electronic invoice reporting system.
The SII has been in effect in Spain since 1st July 2017.
Under the regime, VAT-registered businesses in the Canary Islands with a turnover over EUR 6 010,121.04, VAT groups and firms covered by the IGIC monthly reimbursement scheme will have to electronically report their invoices to the Canary Islands Tax Agency, in XML format generally within a timeframe of 4 days of invoice issuance.
Other VAT-registered businesses may volunteer to opt into the system if they wish.
The core information required for SII which is additional to that provided in the monthly VAT reports include:
The extension of the SII regime to the Canary Islands places a significant burden on businesses to meet these compliance obligations, who will need to make considerable changes to their IT and accounting systems. Accordance have developed an automated solution and we are ready to talk you through the process and give you specialised advice and guidance.
If you believe you may be affected by this development, please do get in touch with us to discuss how we can help.