Spain has suggested modifications to its VAT provisions so that they are more in line with those of the European Union, reports Nair & Co.’s International Tax Team. These changes are expected to commence during calendar year 2014 and include removing the special deadline for filing July VAT returns and changing its submission timeframe to 1 August through 20 August (instead of 1 September through 20 September).
Businesses with VAT-able operations in Spain may consider monitoring developments related to the above proposal to ensure timely compliance with VAT return related obligations in future.
The European Commission is in the process of working towards a more modern VAT system –a standardized EU VAT return. This move will standardize VAT obligations across Member States and will make it easier for companies doing business in more than one such State.