Tax

Garrigues

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  • 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.
  • Garrigues wins five awards at the 8th Expansión Legal Awards

    It was the biggest winner at the awards for Excellence in Business Law Practice.
  • Tax Newsletter - March 2023

  • 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).
  • Portugal: Temporary VAT exemption to certain food products

    Law no. 17/2023, of April 14, recently approved determines the exceptional and temporary application of VAT exemption to certain food products, from 18 April to 31 October 2023, to mitigate the inflation effect.
  • 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.
  • The Supreme Court rules that Spanish tax legislation discriminates against nonresident hedge funds in Spain

    According to the Court, nonresident hedge funds should be treated like residents if they prove that they are open-ended entities, that they have the relevant authorization, and that they are managed by an authorized management company pursuant to the terms of Directive 2011/61/EU.
  • Tax Newsletter - February 2023