BASQUE COUNTRY AND NAVARRA: Will you opt for the REDEME?

Remember that your company can choose to apply for the monthly VAT refund regime for the next year.

When should the option be exercised?

• In Araba, Gipuzkoa, and Navarra, during the month of November.
• In Bizkaia, during the month of December.

In what situations is it of interest to you?

If you anticipate that some declaration of this tax will result in a balance in your favor and its compensation may be delayed (for example, because you expect to make significant investments, or because your company charges VAT at 10% and, on the other hand, bears it at a rate of 21%).

What advantages does it have?

Although this regime implies the obligation to submit self-assessments monthly and electronically, it has the advantage of allowing for almost immediate refund of the VAT that results in your favor at the end of each month, with the consequent financial savings (under the general regime, the refund can only be requested in the last self-assessment of the year, and its execution may still be delayed for a few more months).

What requirements must be met?

To apply for this regime, you must meet, among others, the following requirements:

• Request your registration in the Monthly Refund Registry by submitting a model 036 of census declaration (in the Basque Country) or F-65 (in Navarra).

• Be up to date with your tax obligations.

• Not carry out activities that are taxed under the simplified regime.

 

Our professionals will verify if it is of interest for you to apply for the monthly VAT refund regime.