Experts agree that despite Spain’s highly favorable regulation, companies are not fully maximizing R&D&I tax incentives.
Garrigues has strengthened it’s the Latin American tax practice by bringing in Javier de la Vega as a partner at the Lima office. Garrigues’ tax team in Latin America comprises seven partners and over 40 professionals, working from offices in Bogotá, Mexico City, Lima, Santiago de Chile and São Paulo.
This week saw the publication (in Spanish) of General Anti-Avoidance Rules in Spanish and European Tax Case Law by tax partner Abelardo Delgado.
The Bill for the 2018 General State Budget Law includes a measure which will eliminate the “regionalization” of the Tax on Hydrocarbons (IH), resulting in an increase in the rate of taxation at central government level.
Order no.º 132/2018 XXI, of 9 April, was disclosed in the Portuguese Tax Authorities' website, extending the deadline for delivery of the periodical income form "Modelo 22", regarding fiscal year 2017, from 31 May to 30 June 2018, without penalties.
On March 21, 2018 the European Commission announced the submission of two legislative proposals to the European Council and the Parliament, with a view to ensuring the fair taxation of digital business activities in the EU.
On March 16, 2018, the OECD published an interim report addressing the tax challenges of the digital economy. This report, which, for the moment, highlights the absence of true international agreement on the matter, lays the groundwork for moving towards a consensus-based solution by 2020. In the meantime, the report cites the drawbacks of taking more immediate action (taxes on certain digital activities) and argues that any such measures should only be applied to a limited number of businesses.
The culture of compliance is being mainstreamed throughout all areas of companies. Companies’ growing concern for fulfilling the many legal requirements affecting their day-to-day activity increasingly calls for multidisciplinary legal advisory services encompassing different areas, such as criminal law, tax law and labor and employment. The objective is to mitigate, to the greatest extent possible, the potential risks of improper conduct within a company.