Spence Clarke & Co. Chartered Accountants - Tax Consultants - Company Law

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

Miguel Ángel Blanca Prieto 17 July 2017

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 place before the end of 2017 related to the tax year 2016. The world is getting smaller...

New law in Andalucia to regulate holiday letting

Alistair Spence Clarke 03 February 2016

A new law was passed on 3/2/2016 to force landlords in Andalucia to register properties used for holiday letting. The fines for ignoring this law are truly draconian with a minimum of 18,000€ and maximum of 150,000€. An estimated 400,000 properties in Andalucia will be affected.

The Spanish Budget for 2014. Will this help to stimulate the Spanish economy?

Claudia Vargas Puccio 30 December 2013

The Spanish Government has approved the Budget for 2014. No surprises, the tax system will remain as it has been for 2012 and 2013. Far sighted policies that will generate growth and employment seem as remote as ever.

When will they learn?

Alistair Spence Clarke 07 June 2013

The latest fashion for the wealthy in Spain is to find another country to pay income tax.

Spanish Bank Crisis - Were the Auditors Asleep on the Job?

Alistair Spence Clarke 23 May 2012

There is much in the news today about various firms of auditors being appointed to analyse the real bad debt situation that has caused the banking crisis. As a small scale Spanish auditor myself, I can't help think that something has gone seriously wrong in the audit profession in Spain and it amazes me that no one is pointing the finger at the big firms that have been responsible for the audit of the Spanish banks in recent years. Amazingly, it is the same firms that are now being appointed to carry out a new review of the bank's balance sheets.

Spanish Banks in Ruin - The Story so Far (And a Bit About King Canute)

Alistair Spence Clarke 28 November 2011

An article in a blog I was reading this weekend caught my eye and I decided to do some digging. After a few minutes, what I have long suspected about the bank's holdings of defaulting loan assets became crystal clear.

Will Rajoy Have What it Takes After the Spanish Elections on Sunday?

Alistair Spence Clarke 18 November 2011

Election day on Sunday 20th November should produce a dramatic change in Government for Spain. But what will this mean?

Stop Press - Sarkozy Says Spain is no Longer in the Front Line!

Alistair Spence Clarke 30 October 2011

Thoughts on alternate realities...
Or was he thinking of the Maginot line? Lets hope Sarkozy's imaginary line will hold for longer than the Maginot line that proved useless within a few days to repel a German invasion. The phrase 'wishful thinking' comes to mind.

Return of the Dreaded Spanish Wealth Tax - A Brief Commentary

Alistair Spence Clarke 03 October 2011

Many will remember that happy day in December 2008 when the Spanish Government eliminated Wealth Tax, or so it was thought!

The idea in 2008 was to make Spain a more attractive economy and do away with an archaic tax that has its roots in 1977 when inflation and interest rates were in double figures, the fledgling Spanish democratic state was crying for financial air and so an 'extraordinary tax' was born.

Easier Finance for Small Businesses

Alistair Spence Clarke 26 September 2010

In yet a further attempt to stimulate small business growth, from 15 June 2010 and until 31 December 2011, small companies and self employed would now be able to receive finance easier from ICO (Instituto de Crédito Oficial) than a bank.

Direct Government Finance for Small Businesses

Alistair Spence Clarke 01 June 2010

The Spanish Government has enabled its ICO (Instituto de Crédito Oficial) to grant loans of up to 200.000 € directly to small businesses, bypassing the high street banks. The question is will a Government department do any better at providing financial help to small businesses than a typical bank? We shall see...

Marbella - The New Urban Plan is Published

Alistair Spence Clarke 25 May 2010

After many years of negotiation between the Marbella town hall and the provincial planning authorities the newly approved PGOU was finally published on 20 May 2010. This final step completes the long and controversial process for the approval of the municipal urban plan. Marbella has the distinction of being the first of the large towns on the Costa del Sol to have its new town plan approved and this is the most significant event in the town planning system for Marbella for 24 years, since the last PGOU was approved. The PGOU also regularises over 16,500 dwellings that have been illegally built during recent years.

Latest Economic and Unemployment Crisis Proposals

Miguel Ángel Blanca Prieto 02 March 2010

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 at 20% nationally, (25% in Andalucia).