Spain

In a recent judgment delivered on March 3, 2020 (cassation appeal 5448/2018), the Supreme Court ruled on the limits of the interpretation of tax treaties in light of later versions of model conventions (and their commentaries) published by the OECD.

Preparation of financial statements and corporate income tax, recommencement of time periods, remote trials, gradual return to workplaces, insolvency proceedings and compliance with criminal law

As we reported in our commentary dated April 11, 2020 (read here), in the current health crisis commercial lease agreements are being renegotiated due to force majeure.

Madrid City Council plenary meeting approved on May 29, 2020 an amendment to the local tax laws on real estate tax and the tax on economic activities, to provide new reductions to both.

Royal Decree-Law 19/2020 states that the three-month time period for preparing financial statements and other documents required by law will start to run from June 1, 2020, and reduces the time period for approving financial statements to two months running from the end of the time period for their preparation. In keeping with the new time periods for preparation and approval of the financial statements, it is allowed to file a second corporate income tax self-assessment until November 30, 2020. Additionally, amendments are introduced to the rules on tax deferrals for small and medium-sized companies and the self-employed along with a new stamp tax exemption; and a later date has been determined for publication of the list of delinquent tax payers.

COVID-19 is particularly and adversely affecting shipping, in a similar way to events in many other industries. We examine what key legal issues need to be addressed by the shipping industry, the legislation approved on this subject in recent weeks, and whether force majeure and the rebus sic stantibus doctrine could potentially operate. 

A judgment by the Court of Justice of the European Union (CJEU) has concluded that to determine whether use “in the course of trade” exists it is irrelevant whether the mark is used in the course of a person's trade or whether any consideration is received. The key lies in the receipt (import) of the goods and in the fact of those goods not being intended for private use.

New guarantee facility, extension of ERTE temporary layoff procedures, effects of the crisis on transfer pricing, return to judicial activity and ‘shields’ for businesses.