The Spanish Government is in the process of finalizing an important tax reform, which will mostly enter into force in 2015. The laws, together with their final modifications, will be published in the end of 2014, but the Government has already presented its intentions with draft projects presented in the end of June. Even though [...]
The persons and organizations residents in Spain in 2013, who have some kind of connection to assets and rights, situated outisde of Spain have again a very important appointment with the Spanish Treasury Department. SInce the 1st of January until the 31st of March 2014 must be submitted the Annual Statement 720, corresponding to the [...]
Newspaper article publicized in Spain’s most important newspaper for economic and financial issues “Expansion” about the demand presented by our fiscal advisor Alejandro del Campo before the European Commission against the obligation for residents in Spain to inform about all their worldwide assets. We hope that with this demand Spain will be forced to abolish [...]
The legislation in question by DMS Consulting obliges the resident taxpayers in Spain to present Informative Statements over assets and rights abroad (Application 720), an obligation in addition to the duty of paying tax on them. According to DMS Consulting, the legislation is incompatible with the Community Law as it presents an important restriction to [...]
An obligation for 2012, with serious consequences if not carried out. Any person, residing in Spain, who is a titleholder of assets and rights located abroad (bank accounts, values, real estate, insurance, etc.) must give very detailed information about the same to the Spanish Treasury, presenting an informative declaration during the first quarter of the [...]
Selling properties or any other goods, having a pendant debt can be a crime, which might imply prison for up to 4 years. Therefore, one must be careful. However, selling properties or other goods before a legal procedure is started, resulting from what is owed, is not always a crime. When is it a [...]
Some time ago we have created a blog where the lawyers, tax advisors and economists from DMS- Consulting frequently publish news and reports about every legal subject (labor law, administrative law, tax law, civil law, criminal law etc.) and accounting: (http://www. consultingdms. com) Following the line of COPYLEFT, which goes back to the idea of [...]
TAX OBLIGATIONS FOR REAL ESTATE PURCHASE BY NON-RESIDENTS IN SPAIN a) The SELLER IS A PRIVATE INDIVIDUAL The buyer must pay to the Balearic Treasury the PROPERTY TRANSFER TAX (ITP) on a scale of 7 to 10% of the value of the propert. On our web page www.consultingdms.com you can find a TOOL FOR AUTOMATIC [...]
