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Negative VAT in Q4: refund or compensation

Last updated: March 28, 2024

If your quarterly VAT return for Q4 2024 (Modelo 303) has a negative result we will request that it be "to be offset", by default. Consult the forecast of the result in: Tax reports > VAT > Q4.

What happens if I leave the VAT result to be offset in Q4?

It means that this VAT will be saved for the next 4 years as long as you have economic activity. In no case does it mean that you lose the VAT generated. It is the most conservative option and allows you to generate a credit with a higher VAT amount to use it in the future for when you have output VAT to pay. You have up to 4 years to request the refund of this VAT that you set to compensate now.

  • If you are happy with this you don't have to do anything 
  • If you want to change it to apply for a VAT refund, you can do it from our platform: Log in > Taxes > VAT > 2024 before January 7, 2025. After this date you will no longer be able to make changes.

⚠️ Requesting a VAT refund is typically accompanied by a request from Hacienda to verify that the entire VAT amount corresponds to expenses that are effectively deductible. 

Keep in mind that the refund may take up to 6 months. Hacienda may take longer, but then they will have to pay you late interest.

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