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

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 new international disclosure rules

Alistair Spence Clarke 07 December 2015

More than 90 countries have now signed up to the automatic information system, including most tax havens and the other bad boys like Switzerland, Austria, Luxembourg and Cyprus (to name but a few!). There is now no place left to hide except places where you would have to be very brave to leave your money.

Spanish Tax Treaties Changes - a taxing trend for foreigners

Claudia Vargas Puccio 30 October 2013

Spain is very active in signing new tax treaties and updating some old treaties, unfortunately not necessarily for the benefit of the individuals investing in Spain.

New tax incentives for property purchase in Spain

Alistair Spence Clarke 09 July 2012

A few weeks ago the Spanish Government introduced another important tax incentive for property purchasers in a bid to kick start the moribund property market and help the banks get rid of their stock of repossessed properties. It is worth comparing Spain's property tax incentives to the massive French tax increases on foreign property owners. If there was ever a time to buy in Spain, this is it.

Let's Give Thanks to the Spanish Bureaurocracy!

Alistair Spence Clarke 04 December 2011

Expats take note! There are times to give thanks to the much maligned Spanish adminsitrative system.

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.

Important Change in Spanish Tax Law for Non Resident Property Owners

Alistair Spence Clarke 15 April 2010

From 1 January 2010, EU residents (whether individuals or companies) who rent their Spanish properties will pay 24% tax on the net rental income, instead of 24% tax on the gross rental income.

Tax Office Fights Against Tax Evasion

Alistair Spence Clarke 07 April 2010

The Spanish Government intends to approve a number of changes in legislation to strengthen the tax office's armoury against the black economy and tax fraud. They propose to modify the Penal Code so that substantial tax fraud may be penalised with up to 6 years (currently four years) in jail.