If an individual does not submit the informative tax form or submits it late, or submits the form 720 with incomplete, inaccurate or incorrect details, they may incur a serious infraction. The penalty will consist of a fine of €5,000 for each omitted, incomplete, inaccurate or incorrect detail or group of details. The minimum fine…
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The Government has approved a series of measures aimed at making the cost of rents to tenants who have been left in a vulnerable situation due to the state of alarm. How do these new measures affect tenants and landlords? Am I the beneficiary of any help to pay the rent? The new…
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The Government is taking more measures to protect vulnerable groups and to avoid possible abuses during the state of alarm, as it is causing an economic slowdown due to restrictions on mobility and business activity. In the Council of Ministers this Tuesday 31st March 2020, some of the measures adopted a little over a week…
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These are essential services and therefore companies and workers who belong to the following areas of activity will be able to continue working as of this Tuesday, as stated in the BOE published this Sunday. The twenty areas of activity are set out in the annex to the draft, in addition to some specific…
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This Saturday, March 21, marks a week since the Council of Ministers decreed the state of alarm at the national level through Royal Decree 463/2020. Since that day, the Government and the different ministerial departments have made some modifications and orders have been published with new measures and indications. Last Tuesday, March 17, after the…
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The state of alarm is declared in order to deal with the health emergency caused by COVID19. On 14 March 2020, the Spanish Official Gazette (BOE) published Royal Decree 463/2020, declaring a state of alarm for the management of the health crisis caused by COVID-19 (the Royal Decree). The Royal Decree introduces, effective immediately, a…
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Mutual agreement procedures (MAP) are a means of resolving disputes between two tax authorities when the actions of one or both authorities result or could result in taxation in breach of the double taxation treaty signed by both member states, or could cause double taxation. Any resident can initiate this procedure. It is usually an…
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REGULATION There are two laws in Andalucía about houses that are rented for tourism purposes: 1.- Decree 28/2016, 11th February, for houses rented for tourism purposes in Andalucía. This regulation will enter into force from 11th May 2016.[1] 2.- Decree 20/2002, 29th January, for houses rented for tourism purposes in rural areas. This regulation has…
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REAL PROPERTY IN SPAIN – NON-RESIDENT TAX The usual double taxation treaty signed by Spain with other states: Income from immovable property, including income from agriculture or forestry, may be taxed in the Contracting State in which such property is situated. Under the Spanish tax law we can distinguish between two circumstances: when the property…
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Individuals and companies have the obligation to submit an informative tax form (720) regarding the following groups of rights and assets: Bank accounts of which individuals or companies are the holder, representative, authorised party, beneficiary, or over which they disposal rights, opened in a financial institution abroad when the overall balance at 31st December or…
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