STORIES

24 November, 2016

Spanish Reporting Obligations

Spanish Reporting Obligations Country by Country

 

Spain has been one of the first countries in implementing, world wide, new reporting obligations, which shall be effective for fiscal years starting in 2016 and that is also regulated in the EU Directive 2016 / 881.

This information will need to be reported in the Form to be approved by the Spanish Ministry of Finance. A draft of the Ministerial Order according to which Form 231 shall be passed is being prepared, at present.

✔The Spanish reporting obligations affect not only Spanish resident entities which are dominant entities of a group (in which one of the entities holds the control of the rest of the group members) but also and under certain circumstances, Spanish resident entities that are dependent of a non – resident parent company or Spanish permanent establishments of non – resident entities members of a multinational group.

✔This information will be required, exclusively, when the group turnover, in the 12 preceding months to the beginning of the fiscal year, is of, at least, 750 million Euro.

The term to file the report will end within 12 months as from the end of the fiscal year to which the information relates. That is to say, in relation to fiscal year 2016, the information must be filed by the Spanish entities before December 31, 2017.

The Spanish reporting obligations shall include the list, broken down by jurisdiction and by each legal entity, of all the entities forming part of the multinational group that are resident, for tax purposes, in a tax jurisdiction in which the multinational group is present, indicating the main activities of each one of them. It shall also comprise, in euro, the gross revenues of the group, the results before Corporate income tax, detailing this latter, the share capital or equity amount, the fixed assets and real estate investments different from treasury and credit rights as well as the average workforce.

✔This measure constitutes a step forward in the fight against the erosion of taxable results, the aggressive tax planning and the artificial shift of profits, whose practical application requires, from now on, beginning to gather the information that is included in the draft of the Ministerial Order according to which form 231 shall be passed, following Spanish Corporate income tax regulations.

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Based in Barcelona and Madrid. Englobally is our Latin American business partner established in Santiago de Chile.

We are also part of Englobally Group, an international association of independent accounting and advisory firms that provide a one-stop shop managed solution for accounting, payroll and HR needs, with member firms in over 25 countries and associates working in many others. Many fast growing technology and lifescience businesses find their international services invaluable. Companies in many other sectors are attracted by the close and supportive way Englobally Group works.

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