Spain: IMF urge to fiscal reform
The International Monetary Fund (IMF) published the Staff Concluding Statement of the 2016 Article IV mission on 13 December 2016. The statement includes a series of recommendations in order to improve the Spanish economy; it includes labour,
See MoreExchange of letters to DTA between Morocco and Spain entered into force
The exchange of letters to the Morocco - Spain Income and Capital Tax Treaty (1978) has been entered into force on 4th August 2016. The exchange of letters generally applies from 4th August 2016. The Exchange of Notes (EoN) was signed on 11th June
See MoreSpain: Government announced a new law to increase in corporate income tax and other taxes
The Royal Decree-Law 3/2016, of 2 December, has been published in the Official State Gazette, which adopts certain measures of reform in the tax area that, in general, will enter in force on January 1, 2017. Implementing tax measures aimed at the
See MoreSpain: New law introducing tax measures addressed to the reduction of the public deficit
Royal Decree-Law 2/2016 released on 30 September 2016 focuses on reducing the public deficit by introducing corporate income tax measures that aim at raising revenue. An increase of the rate applicable to corporate income tax “prepayments” tax
See MoreSpain: Compulsory e-filing for large companies
Recently the Spanish government has issued an order addressing several tax filing obligations. Large Companies will have to file tax documents such as returns, declarations or reimbursement requests electronically as from 1 July 2016. The order was
See MoreFive European countries to exchange information on beneficial ownership
On 15 April 2016 it was announced that Britain, France, Germany, Italy and Spain have agreed to exchange information on beneficial ownership of companies and of "trusts with tax consequences". The five European countries will explore the best way to
See MoreSpain: EC requests amendment of taxation of foreign non profit entities
The European Commission has urged Spain to amend its rules on the taxation of certain income obtained by foreign non-profit entities and of certain contributions to such entities. According to the European Commission’s statement foreign
See MoreSpain: Budget for 2016 contains important tax measures
The Spanish government gazetted the details of the Budget for 2016 on 30 October 2015, addressing some significant income tax measures. Corporate income tax Companies whose total annual income does not exceed EUR 75,000 and whose exempt annual
See MoreSpain: Council of Ministers approves solar power tax
The Council of Ministers of Spain has approved the controversial solar power tax on October 9, 2015. Tax will be imposed on the self-supply of electricity generated by privately owned solar panels. The tax will be introduced in the next six months
See MoreSpain: Partial amendments of general tax law
Spain has published the official Gazette regarding partial amendments of general tax law which was amended on 22 September, 2015 as a Law no.34/2015. The Law will enter into force on 12 October 2015 except for the obligation to keep specific
See MoreCanada and Spain: Protocol to DTA will enter into force
The amending protocol of the Income and Capital Tax Treaty (DTA; 1976) between Canada and Spain will enter into force on 12th December 2015 and it was signed on 18th November 2014. The effective date for withholding taxes on amounts paid or credited
See MoreDouble tax treaty signed between Spain and Qatar
A double tax treaty between Spain and Qatar was signed on September 10, 2015. Spanish Finance Minister Cristobal Montoro and his Qatari counterpart Ali Sharif Al Emadi signed the agreement on behalf of their respective countries. The treaty is in
See MoreSpain: IMF recommends increasing indirect tax to boost the economy
The IMF has recommended that Spain should expand the indirect tax burden to accelerate the economy and reduce debt. The areas of recommendation set out in the report include increasing excise duties and environmental levies as well as gradually
See MoreSpain: IMF conference call considers tax policy issues
On 14 August 2015 the International Monetary Fund (IMF) published the transcript of a conference call held to clarify issues arising from the discussions with Spain under Article IV of the IMF’s articles of agreement. As Spain’s public debt is
See MoreSpain: IMF comments on fiscal and tax policy
A selected issues paper published by the IMF on 14 August 2015 covers among other matters the challenge of coordination between national and regional levels of government in relation to fiscal consolidation. As significant taxing powers have been
See MoreSpain: BEPS country by country reporting provisions enacted
The Spanish Ministry of Finance published Royal Decree 634/2015 of 10 July 2015 in the Official Gazette on 11 July, 2015. The Decree contains corporate income tax regulations including (BEPS) country by country reporting requirements in line
See MoreSpain: Council of Ministers approves Spain-Andorra income tax treaty
The Spanish Council of Ministers approved the the Andorra-Spain Income Tax Treaty (2015) on 30 April 2015. The treaty was signed on 8 January
See MoreSpain: Government approves special tax regime for the Canary Islands
The Spanish Government has approved the agreement with the European Union (EU) Commission for the new Spanish special tax regime for the Canary Islands (Zona Especial Canaria, or ZEC ), which entered into force on January 1, 2015. The regime is
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