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
Energy transition: these are the new tax incentives for renewable energy and electric vehicles in Spain
Unrestricted and accelerated depreciation tax benefits have been available since 2023 for investments in assets that use energy from renewable sources and electric vehicles, respectively. These incentives originated from the Plan+SE program approved by the Council of Ministers in October 2022.