Spence Clarke & Co.

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 […]

Read More…

The new international disclosure rules

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. […]

Read More…

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, […]

Read More…

Paying Company directors what they are worth

The dubious sight of well-paid businesspeople walking away from soon to be bankrupt companies—but not before pocketing millions of Euros (in some cases hundreds of millions of Euros)—rightly raised a stink, particularly with those less fortunate employees who lost their jobs and shareholders who lost their money. It was even more unedifying when directors at […]

Read More…

Spanish Tax Treaties Changes – a taxing trend for foreigners

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. Double Tax Treaties are bi lateral, supranational laws that regulate the way that foreigners are taxed on assets and income of the other country. Generally speaking where both countries […]

Read More…

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 […]

Read More…