Tax

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  • VAT Law Enacted: New Stage of China's VAT Legislation

    After rounds of public consultation, the Value Added Tax Law of the People's Republic of China was announced on 25 December 2024 and will be effective from January 1, 2026. As one of the most important type of taxes in China, it is a remarkable milestone of the legislative process in China. 

  • Portugal: Changes approved by the 2025 State Budget Law

    The State Budget for 2025 introduces tax measures focused on business competitiveness and increasing workers' wages.

  • The Spanish participation exemption on dividends and capital gains is a “full exemption” for the purposes of the Controlled Foreign Company regime

    According to the Directorate General of Taxes, exempt dividends and capital gains obtained by foreign holding companies do not have to be declared in Spain.

  • Portugal: The new incentive for scientific research and innovation (IFICI) was finally regulated

    The IFICI is a tax incentive focused on attracting qualified talent to drive innovation and scientific research in Portugal.

  • Spain: The limitation on the offsetting of tax losses and the use of double taxation credits for large companies is again reduced and other tax modifications are introduced

    Among others, a tax is created on the margin of interest and commissions of certain financial institutions, the savings tax rate is increased in the Personal Income Tax for taxable income over EUR 300,000 and an exemption is introduced for Personal income tax and  Inheritance and Gift tax purposes in relation to  donations made by employers to their employees to alleviate the damage caused by the DANA. In addition, the cases in which the reserve for investments in the Canary Islands can be used are extended.

  • The cases in which the Reserve for Investments in the Canary Islands can be used are extended

    In particular, the reserve may be used for investment in the renovation of social housing.

  • Pillar 2 in Spain: Global Minimum Tax for large groups approved

    We review its main characteristics and remind you of the aspects to which you should pay special attention.

  • Portugal Indirect Taxes Newsletter - N.º 2

    This edition covers key indirect tax developments in Portugal in the last months, especially regarding the postponing, from 2024 to 2025, of the extraordinary use of PDF invoices as electronic invoices and the Stamp Duty framework of financial operations carried out between branches and their headquarters.

  • Reflections on expert evidence in tax proceedings

    In recent rulings related to the deduction for R&D&i in Corporate Income Tax and for Hydrocarbon Tax, the Supreme Court offers important reflections on the value of expert evidence in tax proceedings and on the value of reports issued by officials of the Tax Administration itself.

  • The Supreme Court of Spain delimits the binding scope of the reasoned report for the R&D&I deduction

    The Supreme Court has confirmed that the reasoned reports are binding on the tax administration both in the classification of the activity and in the quantification of the basis for the deduction for tax years started before 2015. However, the issue is still open to discussion for deductions generated after that date, as pointed out in a recent ruling by the TEAC.