“Special Administrative Measures for Foreign Investment Access (Negative List) (2019 Edition)” and the “Special Administrative Measures for Foreign Investment Access in Pilot Free Trade Zones (Negative List) (2019 Edition)” was promulgated recently and will enter into force since July 30, 2019.
The Libra Association, founded by Facebook and 27 other organizations, intends to promote the construction of a global financial infrastructure and issue from it a new cryptocurrency called Libra, enabling operators to carry out payment transactions and other financial solutions for consumers and businesses throughout the world.
As of 1 July 2019, additional requirements will take effect for an exemption or preferential rate for withholding tax. The newly introduced formal requirements could mean an increase in costs of services purchased in cross-border transactions, which in turn could affect liquidity. In special cases, it might also be unclear whether measures to continue to make use of preferential tax schemes might trigger an MDR obligation (i.e. obligation to report tax planning arrangements).
On Thursday, June 20, 2019, the State Tax Agency published the regulatory texts, proposed by the Directorate-General of Taxes, transposing into Spanish law Council Directive (EU) 2018/822 of 25 May 2018 as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (“DAC 6” or the “Directive”) (a priori, limited to cross-border arrangements, i.e., without affecting internal arrangements within Spain).