I filed a M720 last year. Do I have to file again this year?

There is no automatic obligation to file an M720 each year, so if you filed last year for assets owned on 31 December 2012 you may not need to follow this painful process this year. However, if there have been changes in foreign assets you may have to file again. Spanish tax residents have the …

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A New Law for the Self Employed (Autonomos) in Spain

Self employed persons (autonomos) and small companies represent 95% of the Spanish economy. In particular, autónomos are very relevant to the growth of the Spanish economy although there have been very few incentives to stimulate the creation of small business from a tax and social security perspective. The Spanish Government made a timid effort in …

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The New Obligation of Gibraltar Financial Institutions to Provide Automatic Exchange of Tax Information to The Spanish Tax Office

As part of the recent agreements of exchange of tax information subscribed by Gibraltar for cooperation in tax matters, the Gibraltar financial institutions will be reporting to the Spanish tax office the relevant tax information of all their account holders, including income on earnings, tax withheld and tax residency status. The first reporting will take …

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Taxing a rent free commercial property

Picture the scene: with youth unemployment in Spain currently hovering around the 50 per cent mark for under 25s (source Eurostat), you decide to give your son a helping hand by letting him set up business in an empty shop you happen to own. As he is your child and you don’t need the money, …

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New Spanish tax inspection campaign

The Spanish Government recently announced new measures to fight against the black economy in Spain, unofficially 28% of the Spanish GDP. Who are the targets and will these measures work? The Spanish Government recently published the action plan to be carried out by Spanish tax inspectors during 2014 to reduce the Spanish black economy. This …

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Will Wealth Tax in Spain ever disappear?

In previous articles we explained that the Spanish Government reintroduced wealth tax in 2011 as an emergency economic measure. The reintroduction was achieved simply by removing the 100% exemption to the tax that had originally been introduced in 2008. However, the tax was eliminated for the majority of potential taxpayers because a significant tax free …

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Yet more anti tax fraud measures for Spain – the M720

Here are details of the Stick that followed the tax amnesty Carrot. If there was ever a piece of tax law that needed thought, this is it! 2012 proved to be one of the most exhausting years in terms of the amount of new law. New tax regulations were certainly one of the main focuses …

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Latest Economic and Unemployment Crisis Proposals

The Spanish Government, currently the PSOE which is the main centre left party, announced on 1 March 2010 a number of proposals to stimulate the creation of employment and the economy in general. The main proposal is to incentivise property refurbishment which the Government believes will create 350.000 new jobs. Official figures show current unemployment …

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