Tax
China: Completing tax related obligations for 2023 regarding related-party transactions and contemporaneous documentation
Pursuant to Announcement of the State Administration of Taxation [2016] No.42, companies might have tax related obligations under certain circumstances for the matters in relation to: (i) reporting the business transactions with related parties, (ii) submission of country-by-country report, and (iii) preparing contemporaneous documentation, including master file, local file and special issue file.China opens 2023 individual income tax filing for residents
China’s State Administration of Taxation announces the 2023 individual income tax filing period for residents, detailing circumstances that a taxpayer is obliged to report, with options for self-filing, employer-assisted, or trustee handling.China’s first attempt for Advance Tax Ruling: trail implementation in Shanghai
Shanghai introduces a trial Advance Tax Ruling (ATR) system, a significant step in China's tax administration. ATR, common in countries like Spain and the U.S., allows enterprises to seek formal tax opinions on future complex tax matters, enhancing certainty. The ATR applies to corporate taxpayers in Shanghai, though its applicability to non-resident taxpayers is subject to further confirmation with the in-charge tax authority.Garrigues named in London as best Spanish firm in tax litigation
Garrigues has been recognized as the best firm in Spain in tax litigation for the second consecutive year. The publication International Tax Review (ITR), which covers tax news from firms across the globe, has granted the firm this honor in the context of the EMEA Tax Awards, held yesterday in London and attended by the most noteworthy European firms and lawyers in the tax field.Relief the Individual Income Tax burden of taxpayer in China: extending the preferential policy period or increasing the deduction standards
In August 2023, there are a number of individual income tax (IIT) preferential policies implemented by relevant Chinese government authorities with either extension of the preferential policy period or increased deduction standards. The aim is to further relief the tax burden of taxpayer.Portugal - Real estate capital gains obtained by non-residents: clarifications
Until 2022 real estate capital gains obtained in Portugal by non-residents were taxed autonomously at the special IRS rate of 28%, except when residing in a Member State of the EU or the European Economic Area and opting to be taxed according to the progressive rates applicable to residents in Portugal from 14.5% to 48%, plus the additional solidarity rate for taxable income exceeding EUR 80,000 (applicable on the exceeding part).Spain: There is no consensus among the authorities over how transfers of renewable energy projects under development are taxed
A recent decision by the Navarra provincial tax authorities allows the exemption to be applied to the capital gain on the transfer of shares, which contrasts with the restrictive interpretation given by the Directorate General for Taxes.