Covid-19 Tax provisions to assist businesses during the crisis 20/3/2020

29/03/202020/03/2020 by Alistair Spence Clarke

To date, the provisions incorporated into new tax legislation to help businesses during the Covid-19 crisis are not particularly wide-ranging. In this article we describe these in full. Postponement of tax payments available to small businesses All businesses whose sales for the year ended 31 December 2019 were less than 6.010.121,04€ have the right to …

M720 FAQs

29/03/202029/01/2020 by Claudia Vargas Puccio

FAQs – M720 annual declaration of foreign assets. Beware, some of the answers to the questions are truly mad. FAQ Sections Who has to file, what to declare, when and how Category 1 assets – Properties and rights over properties owned outside Spain Category 2 assets – Bank accounts outside Spain Category 3 assets – …

Guide to the Most Common Spanish Tax Declarations

29/03/202020/01/2020 by Alistair Spence Clarke

A brief foreword It will come as no surprise that Spain’s famously bureaucratic system has a truly rich array of tax forms that have to be filed by businesses and individuals. In this article we list and explain in brief terms the 21 most common tax forms that can apply to small scale businesses, both …

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

29/03/202017/07/2017 by Miguel Ángel Blanca Prieto

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 …

New law in Andalucía to regulate holiday letting

29/03/202003/02/2016 by Alistair Spence Clarke

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. This law has been several years in coming and …

The new international disclosure rules

29/03/202007/12/2015 by Alistair Spence Clarke

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. …

Taxing a rent free commercial property

29/03/202027/11/2015 by Miguel Ángel Blanca Prieto

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, …

Property owning companies: Don’t trust the bar stool experts!

29/03/202012/11/2015 by Alistair Spence Clarke

Those of you who have lived in Spain for many years will probably have been regaled in the past with tales of how people had managed to escape tax liabilities by buying their properties through ‘holding companies’. In fact such ‘bar stool experts’ offering dubious advice still exist—although it is highly doubtful that they are …