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...

M720FAQs

Claudia Vargas Puccio 10 February 2014

FAQs - M720 annual declaration of foreign assets. Beware, some of the answers to the questions are truly mad.

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.

Yet more anti tax fraud measures for Spain - the M720

Miguel Ángel Blanca Prieto 31 January 2013

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!

A last chance to declare - tax amnesty and an end to tax fraud in Spain?

Alistair Spence Clarke 09 July 2012

Spanish taxpayers have been given their last chance to clean up their tax affairs.

New measures, just introduced by Rajoy's Government, provide taxpayers with an amnesty for tax fraud. They can now declare previously hidden income and assets by paying a flat 10% one off tax charge. The deadline for the amnesty is 30 November 2012.

This is the carrot.

The stick is a change in the tax rules that will eliminate the current four year tax prescription rule.

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.

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.