Spain – To Allow VAT Refunds To A Foreign Bank

SPAIN ALLOWS VAT REFUNDS INTO FOREIGN BANK ACCOUNTS

The Spanish government has now made it possible to receive Spanish VAT refunds into a foreign bank account. This will be particularly useful for those companies that have a Spanish VAT registration number (ES VAT) but no physical location in Spain.

Previously, VAT registered companies had to have a bank account set up under a bank registered in Spanish  to receive a refund.

It does appear that only the SEPA format can be used so any country that is using SEPA will be able to take advantage of this new change. SEPA (Single European Payments Area) covers all EU countries, Norway, Iceland, Liechtenstein and Switzerland (there are a few exclusions like overseas territories).

The original article was from Marosa and you can read more about VAT refunds in our article EU VAT Refunds. Recover VAT through your VAT return or separate refund claims?.

Andrew Bohnet
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Andrew Bohnet

Managing Director and Oracle Fusion Tax / eBTax expert at eBiz Answers Ltd
Andrew Bohnet is the current chair for the Oracle Tax Management SIG. He founded eBiz Answers to offer clients complete tax solutions making the most of the rich functionality of the R12 and Fusion tax modules. Whether it is analysis, design, configuration or support, eBiz Answers provide an unparalleled service when it comes to a complete tax solution. Having worked on one of the first Oracle R12 implementations in Europe, Andrew was exposed to the tax module early on and worked closely with Oracle to fix bugs, enhance functionality and present on numerous occasions on the subject of tax and Oracle. When it comes to presenting on eBTax, you wont find a more experienced consultant outside of Oracle.
Andrew Bohnet
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