The law, which came into effect the day after its publication, includes important changes to a number of taxes. They include making sweeping amendments to the international fiscal transparency rules, replacing “tax haven” with “non-cooperative jurisdiction” and setting a 15% special levy on undistributed income under the “SOCIMI” regime. It also makes considerable amendments to the General Taxation Law, and changes the rules on the valuation of properties for the purposes of various taxes.
On July 10, 2021 the Official State Gazette published Law 11/2021, of July 9, 2021, on measures to prevent and combat tax fraud, on transposition of Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market, and on amending various tax and gambling provisions.
Final provision seven states that the law will come into force the day after the date it is published in the Official State Gazette (BOE), although specific rules are determined with regard to certain articles, as we explain here.