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malvasia
07-02-2012, 13:53
Hi all,

Can anyone tell me if there is a threshold at which you would have to pay IGIC on sales.
In UK you can turnover £73k with having to register for VAT, I wondered if there was a threshold here and what the limit maybe.

Many thanks.

TenerifeTeddy
07-02-2012, 15:13
As far as I am aware there isn't a threshold on payment of IGIC, like there is on VAT.

I think it depends on the commercial activity you take part in whether it is a requirement to pay IGIC on sales.
For example I am registered for sales and support of IT equipment. DVD rentals and Internet Cafe. I have to pay IGIC on my labour charges but not on any computer equipment I supply as I am "Exento de IGIC por comercio minorista". Then I pay IGIC on DVD rentals , but not on the internet charges. The rules are complex here.

Your best bet is to ask an accountant what your responsibilities are for the commercial activity you are involved in.

chocaholic
07-02-2012, 16:49
I think its 28000 euros turnover in previous year

9PLUS
07-02-2012, 17:43
I believe that last year 2011 is it €28888


but could well be €28000



I seem to remember something about €29.015.......

doreen
07-02-2012, 17:58
Then again, if you are running a bar/restaurant under the Modulo (Table Tax) system, you are exempt from charging IGIC for the first year of operation ... once you reach Sales/Ventas of 400.000 per annum, you must come off the modulo system.

9PLUS
07-02-2012, 18:00
Think thats the same for me, but IGIC registered is far less

bonitatime
07-02-2012, 18:45
We don't pay IGIC as the sort of shop we are doesn't and as long as no more than 40% of what we sell goes to other businesses then that is fine too.