24 April, 2016

New exchange of information agreements signed by Spain with Jersey and Guernsey

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…these territories are qualified as tax havens as they are included in the Spanish black list.

The Spanish Government has signed the respective agreements of exchange of tax information, with the representatives of the territories of Jersey and Guernsey.

At present, these territories are qualified as tax havens as they are included in the Spanish black list. As soon as the agreements enter into force and the exchange of information becomes effective, these territories will no longer be qualified as tax havens.

✔ According to the Spanish Ministry of Finance, these agreements are possible given that the United Kingdom has authorized their negotiation and signature on a stand-alone basis.

In the case of Spain, these agreements affect taxes such as Personal income tax, Non-residents income tax, Corporate income tax, Net Worth tax, Inheritance tax, Transfer tax or Value added tax.

✔ These agreements are based on the Model OECD Convention on exchange of tax information. The territories undertake to obtain and provide all the information that may be of interest to determine, liquidate and collect taxes, claiming tax debts as well as investigating tax causes. It will not be possible to oppose banking secrecy.

✔ Besides the before-mentioned agreements, Spain has signed the following multilateral agreements also applying to these jurisdictions:

  • A Multilateral Convention on mutual administrative assistance on tax matters of the OECD and European Council, applying to 68 countries.
  • A Multilateral agreement to make effective the automatic exchange of information, applying at present to 74 countries.

It is expected that, in the coming dates, Spain will also sign a third agreement of exchange of tax information with the Isle of Man, also dependant from the British Crown.

All these agreements strengthen the efforts of the Spanish Government of fighting against tax fraud.

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