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?.
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