Oman and Spain sign DTA
The double taxation agreement (DTA) signed between Oman and Spain was submitted to the Economic and Financial Committee of Oman's lower house of parliament on February 11,
See MoreSpain: 2014 Budget is in Effect
The 2014 Budget published by the Spanish government is now in effect as of 1 January 2014. The budget includes a long-term strategy targeting employee training, advance payments regulation and changes to corporate income tax. The main tax changes
See MoreSpanish capital gains tax rules found to be discriminatory by Supreme Court
In a decision on 25 October 2013 in the Brambles France case (appeal No 1374/2011), Spain's Supreme Court ruled that the capital gains tax on non-residents may be discriminatory in some cases. The case involved a French company that sold its shares
See MoreSpain extends latest deadline for cash accounting
The opportunity for Spanish companies to join the new cash reporting VAT scheme has been extend to 31 March 2014. The Spanish VAT cash accounting scheme was announced last year to help small businesses better manage their cash flows. It enables
See MoreSpain – VAT changes effective in 2014
Spain’s value added tax law Changes which made by Law 14/2013, Royal Decree 828/2013, Order 2214/2013, Royal Decree 1042/2013, and Law 22/2013—generally were effective beginning 1 January 2014. In general, the principle change concerns a new VAT
See MoreSpain to review tax system for families
Spain's Finance Minister has announced that the Government will review family tax reliefs ahead of the next tax reform. In a meeting, he has reiterated the Government's commitment to helping Spanish families and promoting equality of opportunities.
See MoreSpain rejects call to raise VAT to 23%
The Spanish Finance Minister has rejected a call by an influential tax committee to increase its standard value added tax (VAT) rate to 23% to help reduce the budget deficit. Spain has already undergone some of the steepest rises in VAT. The Spanish
See MoreSpain: Further VAT Rises Unlikely
The Finance Minister has confirmed that further VAT rises will not take place in the near future. The Advisory Committee for Tax Reform had suggested increases in the headline VAT rate from 10% and 21% to 13% and 23% respectively. External advice
See MoreArgentina-Spain DTA enters into force
On December 23, 2013, Argentina’s embassy in Spain confirmed that Argentina and Spain have exchanged instruments of ratification to bring the double taxation agreement (DTA) signed between the two nations into
See MoreIncome tax treaty between Argentina and Spain entered into force
The government of Argentina and Spain signed a new income tax treaty on 11 March 2013. In Argentina’s official gazette new laws published concerning the ratification and entry into force of the new treaty. Corresponding to Ley No. 24.080 of 23
See MoreSpain: plans to cut taxes for lower incomes
The Government of the Spain intends to reduce individual income taxation (IRPF) for those on lower incomes over the next three years, while higher-income taxpayers will continue to pay more, disclosed by the Spanish finance Minister. This is the
See MoreSpain: New law regarding deferred tax assets
A new law (RDL 14/2013) exchange into Spanish tax law the EU directives and regulations regarding the deferred tax assets. The law will enter into force from 1 January 2014, and this will affect Spanish financial institutions in the light of the
See MoreJoining of Six More Countries with the Tax Information Exchange Pilot of G5
UK, France, Germany, Spain, and Italy (the G5) planed for a multilateral program in April which was based on the automatic exchange of tax information. Participants of 37 jurisdictions have expressed their intention to join. Luxembourg,
See MoreSpanish Bioindustry Welcomes R&D Tax Breaks
During a recent event organized by the Spanish Bioindustry Association Asebio, Spain's State Secretary for Finance presented details of the tax incentives introduced within the framework of the Entrepreneur Support Act, which is designed to promote
See MoreSpain Plans to Cut Taxes in 2015
Spain is planning to cut income taxes in 2015 considering significant changes to its corporate taxes as the economy gradually recovers. A gradually improving economy and an expected fall in unemployment allow the government to bring income tax rates
See MoreSpanish Supreme Court allows domestic tax credit to transfer of shares by EU residents
The Spanish Supreme Court has approved the application of a tax credit to elude double taxation to capital gains derived by EU (European Union) resident entities from the transfer of shares in Spanish entities. The decision has been taken after the
See MoreSpain: Transactions exceeding €1 million need to report
Companies holding balances or conducting transactions during 2013 with foreign companies that exceed €1 million is required to report. This new reporting requirement impact companies in Spain as well as international multinational entities with
See MoreSpain execute EU CRD IV and provides for monetization of certain deferred tax assets
Under the Spain’s implementation, the European Union (EU) Capital Requirements Directive 2013/36/EU (CRD IV) includes provisions that allow Spanish corporate to earn certain deferred tax assets by turning them into a refundable tax credit, subject
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