Portugal - Real estate capital gains obtained by non-residents: clarificationsUntil 2022 real estate capital gains obtained in Portugal by non-residents were taxed autonomously at the special IRS rate of 28%, except when residing in a Member State of the EU or the European Economic Area and opting to be taxed according to the progressive rates applicable to residents in Portugal from 14.5% to 48%, plus the additional solidarity rate for taxable income exceeding EUR 80,000 (applicable on the exceeding part).
Spain: There is no consensus among the authorities over how transfers of renewable energy projects under development are taxedA recent decision by the Navarra provincial tax authorities allows the exemption to be applied to the capital gain on the transfer of shares, which contrasts with the restrictive interpretation given by the Directorate General for Taxes.
The Supreme Court rules that Spanish tax legislation discriminates against nonresident hedge funds in SpainAccording to the Court, nonresident hedge funds should be treated like residents if they prove that they are open-ended entities, that they have the relevant authorization, and that they are managed by an authorized management company pursuant to the terms of Directive 2011/61/EU.
Energy transition: these are the new tax incentives for renewable energy and electric vehicles in SpainUnrestricted and accelerated depreciation tax benefits have been available since 2023 for investments in assets that use energy from renewable sources and electric vehicles, respectively. These incentives originated from the Plan+SE program approved by the Council of Ministers in October 2022.
Garrigues strengthens its team in Colombia and Spain with the hiring of two new female partnersGarrigues has reinforced its team with the hiring of two eminent female partners. Mónica Bolaños will form part of the Bogotá tax practice while Mireia del Pozo joins the Barcelona administrative and constitutional law practice. Both appointments, which will be submitted for approval to the next Partners’ Meeting, reflect the firm’s strategy of consolidating its position as a leading provider of business law advice.