Best Civil Lawyers Madrid Near Me

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The Spanish value added tax (VAT), sometimes refered to as IVA tax in Spain, is imposed at a standard rate, that is applicable to most of the economic activities developed here, and reduced rates, that are applicable only to specific categories of goods/services. The VAT is applicable to both services and goods that are sold on the entire Spanish territory. Companies need to register for VAT purposes with the local tax authorities in Spain and they have to take the necessary measures so that their business complies with the tax regulations in their business field.

Our team of specialists in company registration in Spain can advise on the tax registration procedures that are applicable for the VAT – IVA tax in Spain; investors can obtain consultancy services from our specialists that are related to all the corporate taxes that have to be paid by local businesses.

The Spanish value-added tax has a standard value of 21% for most goods and services, but reduced rates of 10% and 4% also apply. The types of products or services for which the reduction is available are 4% (super-reduced VAT): dairy products, fruits or cereals, books, newspapers, magazines, advertising, drugs, and 10% (reduced VAT): foodstuffs (except for those with the super-reduced rate), passenger transport, certain plants, amateur sporting, and events.

The supply of goods and services in the insurance sector and the financial sector is exempt from VAT and so are goods and services offered in connection with health, education, and rental purposes. The normal 21% rate applies to all other products. VAT registration in Spain is mandatory for all companies that carry out transactions in this country. International companies operating in the EU are required to obtain a special VIES identification number. Our company registration agents in Spain can help you register with the tax authorities and offer information about IVA tax in Spain.

Bookkeeping in Spain is necessary for the good running of a company, from a financial point of view. Thus, all financial operations are registered in the company, and the respective documents will help in the preparation of annual financial statements and submission to the revealing authorities. Ask our certified accountants about the services we can offer for your company in Spain. You can also benefit from a free case evaluation in order to understand the financial needs of your business.

What should Spanish businesses do once they are registered for VAT?

Businessmen who want to open a company in Spain should know that once their business was registered for VAT purposes, specific procedures must be completed. Our team of consultants in company formation in Spain can offer step-to-step advice on the following procedures, which must be completed by all VAT payers in this country:

Issue electronic invoices containing specific aspects, such as the electronic signature;

Keeping and maintaining the company’s accounts and records, for a period of 10 years;

The authorities have introduced the IVA tax in Spain in 1986 when the country became a member state of the European Union (EU); the current legislation on VAT includes the regulations prescribed at the level of the EU and it regulates the manner in which commercial entities have to register for VAT, comply with the local VAT rules and submit VAT returns. The main institution which is in charge of the VAT regulations and compliance is the Agencia Estatal de Administracion Tributaria. Once registered for VAT, the following will apply:

A company must deposit quarterly VAT returns provided that it had in the previous financial year a turnover of a maximum of EUR 6 million;

The monthly quarterly returns have to be completed by Spanish businesses which obtained a turnover of above EUR 6 million;

Provided that a company in Spain does not respect the reporting requirements, they can be charged with fines ranging from 20% to 200%, applicable to the VAT they should have reported;

Late payments of VAT can also be imposed with an interesting fine of 5% (for a delay of one month);

The value of the interest fine can increase up to 20% in the case in which the company delayed the payment of the VAT for a year.

What types of entities should register for IVA tax in Spain?

As a general rule, commercial entities obtaining taxable income from the sale of goods and services in Spain are required to register for VAT. Below, we present the main categories of commercial entities that have to apply for a VAT number in order to pay VAT in Spain:

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