BASQUE COUNTRY AND NAVARRE: Do you want to opt for the REDEME?

Remember that your company can choose to opt for the monthly VAT refund scheme 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 cases is it of interest to you?

If you anticipate that a tax return for this tax will result in a credit balance and its offset may be delayed (for example, because you anticipate making significant investments, or because your company charges VAT at 10% and, in contrast, incurs it at the rate of 21%).

What are the advantages?

Although this scheme implies the obligation to submit self-assessments on a monthly basis and electronically, it has the advantage of allowing you to obtain almost immediate VAT refund that is in your favor at the end of each month, with the consequent financial savings (in the general scheme, 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 opt for this scheme, you must meet, among others, the following requirements:

• Request your registration in the Monthly Refund Register 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 engage in activities that are subject to the simplified scheme.

 

Our professionals will assess whether it is in your interest to opt for the monthly VAT refund scheme.