This Saturday was published, in the Spanish Official Gazette (BOE), the statutory development on VAT accounting regime which has the origin of its modification on the Regulation on Entrepreneurship recently published.

The main novelty is that since the 1st January 2014, self-employed and small and medium sized undertakings (PYMES) will not have to pay VAT for those invoices that their customers have yet not paid or if they are awaiting a debt.

However, on the other side of the coin, those undertakings which do not use this system will be obliged to use a double accounting system (for the compute of both forms of VAT and the corresponding payments).

Nonetheless, this regime will not be applicable for transactions which overcome two million Euros during the natural year. In addition to that, effective charges for a quantity which exceed 100.000 Euros will also be excluded.

Finally, some new information obligations are included; it’s a simple regime which tries to introduce in the registry books, the dates of payment and the way the payments were done.

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