5 November, 2012

New Spanish measures to prevent tax fraud

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The Spanish Government has prepared a new set of measures that pretend to strongly fight against tax fraud.

Such measures are included in a Law 7/2012, of October 29, (published in the Official Gazette of October 30). As mentioned by some Government’s representatives, the new measures have to be understood as complementary to some of the most recent tax measures undertaken throughout this year.

We are concretely referring to the tax amnesty, whose filing deadline is November 30th of this year. In a previous post, we explained how individuals as well as Corporations may voluntarily settle undisclosed tax debts by declaring their properties (assets and/or rights, generally owned as of December 31st, 2010), unrelated to any previously declared income.

After granting this option to Spanish taxpayers, the Spanish tax authorities want to have full control and knowledge of whatever assets or rights are held by Spanish tax payers. For this reason, a new informative obligation has been set for Spanish tax payers holding assets / rights owned out of the Spanish jurisdiction.

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