Income 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
See MoreSpain: Tax ruling expanding capital gains tax to indirect transfer of Spanish real estate by Luxembourg entities
Spanish tax authority recently published a ruling regarding indirect transfer of Spanish real estate by a Luxembourg entity which is taxable in Spain under the provisions of the Luxembourg-Spain tax treaty. Investment funds from real estate and
See MoreSpain: National budget bill 2014
National budget bill of Spain for 2014 was presented on 30 September 2013 in the Spanish Parliament. The 2014 draft budget has proposed an amplification of the surcharges for 2014. On the other hand, it has been also raised to hold the Wealth Tax
See MorePortugal and Spain Strengthen Mutual Tax Assistance
Portugal and Spain recently signed agreements aimed at developing and strengthening mutual assistance in tax matters, and at permitting a direct exchange of tax information between the two countries. This is important as part of the worldwide
See MoreSpain –Proposal to bring VAT provisions in line EU rules
Recently, Spain has suggested some changes to its VAT provisions so that they are more in line with those of the European Union. The changes are expected to be started during calendar year 2014 and included removing the special deadline for filing
See MoreSpain: New Law to Support Entrepreneurs
The government of Spain recently enacted a law which is commonly known as the “Entrepreneurs Law.” The main objective of the law is to promote self-employed business owners and small to medium enterprises (SMEs) to expand their business
See MoreSpain – Cash accounting to be introduced
Spain will introduce an optional VAT cash accounting scheme for businesses with turnover less than EUR 2 million effective from 1 January 2014. On 27 September 2013, the new Spanish cash accounting scheme was approved by Law 14/2013. The main
See MoreSpanish Government Approves DTA with United Kingdom
On 20 September 2013, the Ministry of Finance of Spain announced that the Council of Ministers has approved the agreement with the UK for the avoidance of double taxation and prevention of fiscal evasion with respect to income and equity. The new
See MoreSpain: drops requirement to submit records with VAT returns
The VAT authorities of Spain have decided to withdraw a requirement to submit supporting VAT records with monthly VAT returns. The requirement was originally introduced in 2009. According to this requirement all Spanish VAT registered businesses
See MoreSpain: New forms and procedures to submit CIT tax returns approved
The Ministry of Economy and Finance has approved by Order HAP/864/2013 of 14 May 2013, the new forms, procedures and the stipulated periods for submission of returns for the corporate income tax (CIT) and non-resident income tax returns for PEs and
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