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 […]
Tag: Wealth Tax
M720 FAQs
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 – […]
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 […]
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 […]
A last chance to declare – tax amnesty and an end to tax fraud in Spain?
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 […]
Return of the Dreaded Spanish Wealth Tax – A Brief Commentary
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, […]
Tax Office Fights Against Tax Evasion
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. In the Spanish system ‘substantial […]