This new regime will allow tax payers who import goods into Spain to defer their VAT payments until they file their VAT return, rather than paying the VAT due at the same time as the customs duties. Additionally, the VAT credit will be accounted for at the same time.

This change represents an important cash flow benefit to the taxpayer because he will no longer have to pay the VAT and subsequently claim a credit. This change will result in a nil cash flow impact for the taxpayer at the time of import.

This regime applies to VAT taxpayers filing monthly returns with the central tax authority and may include large companies (with annual sales revenues exceeding € 6.0M), companies which have opted for the special monthly refund regime, and companies which are within a special VAT Group.

In order to qualify, the taxpayer must apply for this regime in November of the prior calendar year.

However, for 2015, the deadline to apply for the deferral import regime has been extended to January 31, 2015 and will take effect in February 2015.

After January 31, 2015, taxpayers who have not applied for this regime, will only be able to apply in November 2015 for the calendar year 2016.

Therefore it is important not to miss the January 31, 2015 deadline if the taxpayer still wishes to quality for 2015.

For taxpayers paying to the central tax authorities and the Basque and Navarra tax authorities, special rules apply.

For further information about this regime, please contact:

Alberto Monreal
Partner
Phone: +34 915 685 570
Email: alberto.monreal@es.pwc.com

Pilar Salinas Cano de Santayana
Partner
Phone: +34 915 685 570
Email: pilar.salinas@es.pwc.com

Gonzalo Lorenzo Álvarez
Manager
Phone:+ 34 915 684 191
Email: gonzalo.lorenzo.x.alvarez@es.pwc.com