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V1627-19 28 June 2019 · SG de Impuestos sobre el Consumo Criterion in force
IVA · fondos de titulización

Securitisation funds not required to issue invoices for exempt transactions; SII obligation depends on turnover or settlement period

A query was raised regarding whether securitisation funds must issue invoices and whether they are required to use the Immediate Supply of Information (SII) system. The Tax Agency clarified that they are not obliged to issue invoices for exempt transactions under certain circumstances, and that the SII obligation depends on whether their settlement period is monthly or if they exceed the established turnover threshold.

The question raised

Whether securitization funds must issue invoices and whether they are required to maintain accounting records through the Immediate Supply of Information (SII).

The DGT's ruling

Securitization funds are not required to issue invoices when performing exempt operations pursuant to Article 20.one.18 of the VAT Law within the tax territory. Regarding the SII, they must maintain electronic accounting records if their settlement period coincides with the calendar month or if they exceed a transaction volume of 6,010,121.04 euros, including exempt operations if they are regular. The maintenance of the issued invoices book will not be necessary if there is no obligation to invoice, but the maintenance of the received invoices book will be required.

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