Success stories
A foreign multinational with headquarters in Spain centralizes the accounting of its subsidiaries in another EU country.
OBJECTIVE
- Our client belongs to an international group with a head office outside Spain. This group had already centralized the accounting of all its subsidiaries in another country of the European Union. However, our client needs to continue to comply with its tax and accounting obligations in Spain.
- The company does not want to keep two parallel accounts, as this means duplication of work, with the increase in costs that this entails.
METHOD
- On the one hand, a procedure was established for the preparation of the VAT returns and books. The invoices to be included were received from the department of the parent company responsible for the accounting of the company and using an automatic invoice posting software. In this way, at the time the system of Immediate Supply of Information of the Tax Office came into force and due to the fact that the company is a large company, our client was able to comply with this new obligation.
- In order to comply with the commercial obligations and the calculation of the payments on account and corporate tax, a tool was designed that converts the information from the accounting books managed abroad to the Spanish accounting system and is imported into Key Iberboard’s accounting software. The consultant checks that the imported accounting complies with Spanish standards and makes the necessary adjustments or reclassifications. The corresponding files are generated to be sent to the Commercial Registry and the Tax Office.
RESULT
The client adapts to the management system imposed by its parent company while complying with its obligations in Spain, but in an efficient manner and reducing its costs.
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28046 · Madrid · Spain
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