NEW DEADLINES FOR TAX RETURNS

Spanish Tax Advisors are concern about the recent intentions of the Spanish Inland Revenue to advance a number of tax returns to the month of January. Most specifically, the Spanish Inland Revenue is planning to require in January the following statements:

• Modelo 347 - annual statement of operations with third parties
• Modelo 345 - Statement of contributions to rent plans and pension funds
• Modelo 171 -  Statement of impositions and dispositions of funds
• Modelo 184 – Statement of entities in attribution system (entities with no juridical personality)

Of course, those entities in V.A.T. “Immediate Identification System”, which obliges to deliver information about sales and purchase invoices within a period of 4 days (8 days until the end of 2017) would not be compelled to deliver any of the related to forms to the Tax Office.

 

In order to make this new rules more user-friendly, deadlines to deliver VAT statements corresponding to the 4^th quartal of 2017 are to be extended until January 30^th 2018 (See Royal Decree 529/2017, of 26^th May).

http://www.fernandezbaladron.com

HOW TO CALCULATE AVERAGE PAYMENT PERIOD TO SUPPLIERS

One of the latest changes of Spanish Annual Accounts 2016, with regard to those of previous years is the need of mentioning the average payment period to suppliers. This requirement was introduced by the Spanish Law No. 15/2010, of 5th July 2010, as a mesure to prevent late payment in trade operations. However, the subsidiary legislation was only adopted on 29th January 2016 by a reglamentation of the „Spanish Accounting and Auditing Institute (ICAC)”.

To calculate the average payment period, we will use the following ratio, multiplied by 365:

 

Average payment period	=	Average of trade accounts payable
		Annual purchases and external services

 

 

The concept of “trade accounts payable” includes all the Spanish accounts of groups 40 and 41. The average is the result of dividing into 2 the adition of the balances as at 31.12.2015 & as at 31.12.2016.

As far as annual purchases are concerned, they include all the accounts of groups 60, 61 and 62.

In the following days, we will upload an Excel table to our website, showing an example of calculation oft he average payment period.

 

http://www.fernandezbaladron.com