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14.1. Books and Records

Companies and other entities liable to corporate tax in Spain must keep books and records according to the Code of Commerce. In particular they must keep the following books (every page stamped by the Mercantile Registry):

  • the general ledger (“libro diario” where all transactions must be recorded);
  • the inventory ledger (“libro inventario y cuentas anuales”, where all assets and liabilities are shown and assessed for accounting purposes and where the financial statements are recorded at the end of each financial year);
  • the shareholders’ book (“libro registro de socios”);
  • the minutes book (“libro de actas”);
  • in case of companies with only one shareholder, the book of agreements between the company and the sole shareholder.

In addition to those, the company may keep auxiliary ledgers (i.e. “libro mayor” where assets, liabilities and items of income are booked and divided in homogeneous categories).

For VAT purposes, other ledgers are required.

The books and records may be kept in paper or electronic form and must be normally drafted in Spanish. The amounts must be expressed in Euros.