Tax Newsletter - June 2018
Spanish penalties for infringement of anti-money laundering are not proportionate
Spanish law requires individuals to report the cash they take out of the country across the border. The penalties for failure to do so can be up to twice the unreported amount. According to the European Court (CJEU), the penalty is disproportionate.
Case Law
- Corporate income tax.- Interest on the portion of a loan equal to a net equity deficiency from earlier departure of shareholders is not deductible
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Inheritance and gift tax.- If an heir dies without accepting an inheritance one taxable event occurs
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Inheritance and gift tax.- The tax authorities may not audit the value of real estate if it is the value published by the tax authorities
- Capital duty.- Tax may not be refunded after “change of mind ” over resolved dissolution
- Administrative procedure.- Screenshots of the electronic notice are allowable as evidence of the notice date
- Tax procedure.- Tax paid to avoid criminal liability may not be refunded.Impuesto sobre Sociedades.
Judgments, decisions and rulings
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Corporate income tax.- Shareholders resident in tax havens not allowed to elect neutrality rules
- Nonresident income tax.- Nonresidents may not apply the timing of recognition rule to forward transactions
- Transfer and stamp tax.- Stamp tax has to be paid on excess amounts allocated in dissolution of joint property entity even if the awarded asset is indivisible
- Collection procedure.- To hold the main debtor in default the tax authorities must determine whether there are immediately realizable assets
Legislation
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Finland-Spain tax treaty published
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Form 179 for “Information return on homes loaned for tourism purposes” approved
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