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Source: Arrabe Asesores 29 June 2010

On July 1st takes effect the change of VAT rates

Law 26/2009 raises VAT rates laid down in Articles 90.Uno, 91.uno and 130.Cinco of Law 37/1992, with effect from July 1, 2010. The general rate rises 16% to 18%. The reduced rate rises from 7% to 8%. The super-reduced rate of 4% remains unchanged.

Also increase the percentage of flat-rate compensation of the special status of agriculture, livestock and fisheries, the percentage of 9% becomes 10% and 7.5% becomes 8.5%.

For the purposes of the general rate rise and the low is important to note that the date which determines the rate applicable to a transaction is the date of accrual of the operation of VAT.

In general, the date of accrual of the VAT is the date on which the goods are supplied or services are delivered.

Therefore, for the levying of VAT transactions which occur prior to 1/7/2010, the tax rate is 16%, 7% or 4%, irrespective of the date of issue of the invoice or where payment of the operation. And for all operations performed are understood according to the rules of VAT due from 1.7.2010, shall apply the new rates of 18% and 8% or 4%, as appropriate.

The application of the rules of accrual we can cause doubt about the VAT rate that we apply, if the previous or new, in certain special cases, such as those listed below:

  1. The tax rate applicable to advance payments.
  2. Changes in the tax base and correction of assessments outputs (returns, discounts, volume discounts, outstanding claims, incorrect determination of the share ...).
  3. Future operations or continued treatment (leases, supplies).
  4. Billing after accrual.
  5. Public procurement (bidding).
  6. No advance payment Budgets.

If you are in any / s of these assumptions, and wonders if he has to apply the new VAT rate or above, please contact our office to resolve them.

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