A BRIEF SUMMARY OF THE NEW TAX AND FINANCIAL MEASURES ADOPTED BY THE SPANISH GOVERNMENT
On December 30th 2011 the newly elected Spanish government approved Royal Decree 20/2011 enacting a first package of urgent tax and economic measures to correct the Spanish public deficit.
Among these measures, international private clients should be aware of the following tax resolutions: (more…)
The following articles appeared in Tax Insider:
Sleeping with the Enemy – Asking HM Revenue and Customs for Advice on Tax
By James Bailey | April 2010
James Bailey points out that free advice is not always the best advice. (more…)
The rise of Spanish Income Tax to 50% for higher tax payers, coupled with a 27% for interest, dividends and gains above 24k Euros, the increase of Council Tax and the resurrection of Wealth Tax is making Spain inhabitable.
Instead of reducing superfluous expenditure in the five layers of administration, i.e European, national, regional, provincial and local, the Conservative party is now threatening executives, entrepreneurs and investors with this so called ‘solidarity’ fiscal policy.
The measures aimed to collect circa 6,000 millions Euros barely equals the 6,000 millions Euros ‘given’ yearly to the Catholic Church and fall short of the circa 20,000 millions ‘donated’ to the banking system.
Meanwhile, almost 5 million former workers are at home. In this first day of 2012 I wish we are able to reclaim our fiscal common sense.
According to Andrew Goodall, at the Tax Journal, the UK’s corporate tax competitiveness ‘appears to have finally turned a corner’, KMPG said as it summarised the findings of a survey of 50 large businesses operating in the UK.
In 2009 only 17% of respondents said the UK had ‘the most competitive tax system compared to key competitors’ but the corresponding figure in this year’s survey was 27%, the firm said. (more…)
As reported by Grant Thornton, HM Revenue and Customs (HMRC) has announced that wealthy individuals who own land and property abroad are being targeted for investigation. Sophisticated data mining techniques will be used to identify potential targets who do not appear to have the means to purchase the property, as well as those who don’t declare the correct income and gains from the property. These individuals are one of the first groups to be targeted by the new HMRC ‘affluent teams’, which were announced by the Chief Secretary to the Treasury, Danny Alexander on 18 September 2011. HMRC has allocated £917 million to reduce the tax gap over the next 4 years. The new teams are part of that investment. The regional teams start work this month and bring together experts from across HMRC using new and innovative risk assessment techniques. It is expected that initial letters will start to be issued in the next two months. Other groups currently planned to be targeted include commodity traders and individuals holding offshore accounts.
In 2008 the Spanish Government chose to ‘eliminate’ wealth tax by applying a 100% exemption, instead of derogating the law. On 17 September 2011 the wealth tax was reintroduced by the Spanish Government as an ‘emergency economic measure’. The 100% exemption was changed to a tax free allowance of 700.000€ for tax years 2011 and 2012. (more…)
The Tax Exchange agreement was published in the Spanish Gazzette the 15/7/2011
As per article 1, the agreement will facilitate that the competent authorities of the Contracting Parties shall provide assistance through exchanging information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. (more…)
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