Cash accounting scheme in Spain
This regime is available in Spain. An application for Cash accounting regime must be made and the following requirements must be met:
- A registration form must be filed during the month of December of the year prior to the application of the regime.
- Only businesses with a turnover below 2M€ can apply.
- Business gifts are 0% deductible unless for promotion samples or low value gifts (less than 200€ per year)
- A number of transactions and sectors are excluded: fisheries industry, agriculture, simplified margin scheme for SME, intra-Community acquisitions, reverse charge supplies and imports.
- The application of this regime must be stated on the invoice.
- Additional information should be included in the VAT books for supplies under this regime
- All these supplies should be reported separately in the Annual Sales and Purchases Listing (Form 347)