Archive for the ‘Taxprecision news’ Category
Thursday, April 5th, 2012
Many clients ask me what do you specifically do as a lawyer and how do you add value to my business and life?
Although I am an abogado in Spain and a barrister in England, I like to call myself Counsel as my main role is advising clients on courses of action affecting their own or their business’ well being.
As money, taxes and legal implications exist from the most mundane to the highest aspiration in this world, sound and friendly counsel plays a fundamental part in every client’s life.
Not trying to oversimplify the profession, the other roles we play in the context of Counseling are: (more…)
Tags: Do, Lawyers, We, What
Posted in Miscellaneous, Taxprecision news | No Comments »
Wednesday, April 4th, 2012
As published in Conflict of Laws website by Marta Requejo, one year after the expiry of the deadline set by the Directive 2008/122/EC of the European Parliament and the Council of 14 January 2009, on the protection of consumers in respect of certain aspects of timeshare, long-term holiday products, resale and exchange contracts, the Spanish legislator has transposed it through the Royal Decree-Law 8/2012 of 16 March (BOE of March, 17), already in force. The Time-sharing Act (Act 42/1998 of 15 December) is repealed.
In addition to some rules on the language of pre-contractual information and the contract itself, Art. 17, entitled “Rules of private international law”, states that when according with the Rome I Regulation the applicable law is the of a non-member State of the EEA, the consumer may invoke the legal protection granted by the Royal Decree-Law in the following cases: (more…)
Tags: Legal, on, Regulations, Sharing, Spanish, Time, Update
Posted in Property Investments, Taxprecision news | No Comments »
Monday, April 2nd, 2012
As discussed in a number of previous Tax Alerts from www.Venable.com, since 2009 the Internal Revenue Service has created three separate tax amnesty programs in order to encourage U.S. taxpayers to properly report and pay taxes on assets held abroad. These amnesty programs require U.S. taxpayers to pay any overdue tax, penalties and interest on unreported income, and pay an additional “in lieu” penalty (the “FBAR penalty”) based upon the amount of unreported funds held abroad. The cost of the FBAR penalty has increased successively with each of the three programs such that those who have waited until the current 2012 amnesty program to report their offshore income and assets pay an FBAR penalty of up to 27.5% of those assets as compared to the 20% FBAR penalty paid by participants in the 2009 amnesty program. (more…)
Tags: Card, Green, Holders, Non, Resident, US
Posted in Domicile, Taxprecision news, US Tax Residence and citizenship | No Comments »
Saturday, March 31st, 2012
The Spanish Government has approved a special incentive to disclose untaxed cash amounts (black money) at a special 10% rate, without further interest, penalty and/or tax investigations.
This will allow residents and non residents alike to bring into the Spanish system any amount of undisclosed cash held anywhere in the world.
The constitutionality of this measure is to be seen and I personally have many other questions such as the procedure to be followed, KYC and compliance with international anti money laundering regulations.
An interesting way to open the Pandora box. Keep watching this space!
Tags: Paradise, Spanish, tax
Posted in Domicile, Spanish Tax residence and nationality, Taxprecision news | No Comments »
Friday, March 30th, 2012
According to an article published by OECD on 28.03.12, at a meeting at OECD’s first Global Forum on Transfer Pricing tax, officials from 90 countries agreed on the need to simplify transfer pricing rules, strengthen the guidelines on intangible issues and improve the efficiency of dispute resolution.
Transfer pricing rules determine how international transactions within a multinational company must be priced to ensure each country receives its fair share of tax. Based on the OECD and UN Model tax conventions, the rules are meant to eliminate double taxation and ensure better compliance by companies. These rules now need to be simplified and made more robust. This is particularly critical in the area of intangible assets, whose location may have a strong impact on tax revenues.
(more…)
Tags: OECD, PRICING, Rules, Simplify, tax, TRANSFER
Posted in OECD, Taxprecision news | No Comments »
Tuesday, March 20th, 2012
The Spanish Real Decreto-Ley (Royal Decree-Law) 5/2012, of 5th March, on Civil and Commercial Mediation is already in force. This provision incorporates into Spanish law the Directive 2008/52/EC of the European Parliament and the Council of 21 May 2008 on certain aspects of mediation in civil and commercial matters (just for the record, deadline for transposition expired on 5/20/2011). Following aspects are of interest for PIL (arts. 2, 3, 27):
The Royal Decree-Law applies to mediation in civil or commercial cases, including cross-border disputes provided they do not affect rights and obligations that are non-disposable under the applicable law. “Cross-border conflict” implies that at least one party is domiciled or habitually resident in a State other than that of the domicile/habitual residence of any of the other parties. For parties residing in different Member States of the European Union, domicile will be determined in accordance with Articles 59 and 60 of Regulation (EC). No 44/2001 of 22 December 2000 concerning jurisdiction and the recognition and enforcement of judgments in civil and commercial matters. (more…)
Tags: Law, Mediation, on, Spanish
Posted in Domicile, Spanish Tax residence and nationality, Taxprecision news | No Comments »
Wednesday, March 7th, 2012
Aggressive tax planning – untaxed income, multiple deductions and other forms of international tax arbitrage – is a growing concern for all governments.
OECD’s new report Hybrid Mismatch Arrangements: Tax Policy and Compliance Issues describes arrangements that exploit national differences in the tax treatment of instruments, entities or transfers to deduct the same expense in several different countries, to make income “disappear” between countries or to artificially generate several tax credits for the same foreign tax. (more…)
Tags: Action, INTERNATIONAL, Loopholes, OECD, Recommends, tax
Posted in International Tax Cooperation, Taxprecision news | No Comments »
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International Tax Law Barrister, Lawyer, Abrogado & Attorney, Leon Fernando del Canto of Konsilia, offering services relating to international tax planning, tax advice, private clients, international law, serving Spain, United Kingdom, Europe.
Tax Precision is the trading name of León Fernando del Canto Gonzalez, a Barrister regulated by the General Council of the Bar in England and the Colegio de Abogados de Jerez de la Frontera.
