The Spanish tax authorities have begun imposing penalties for non-compliance with Immediate Supply of Information (ISI) VAT reporting requirements, now that the legal framework for penalties is in place. Approximately 1,300 companies, or 2% of those required to comply, have not yet implemented ISI. Penalties include fines of 1% of annual turnover for complete non-compliance, 0.5% of invoices for late reporting, and €150 per unreported transaction. Authorities will also fine inaccurate, omitted, or false reporting by 1% of the erroneous amounts, with a minimum of €150 and maximum of €6,000.