## [Updates Tax 8-2012](/pt/en_GB/new/updates-tax-8-2012) # Updates Tax 8-2012 11 / 13 / 2012 - - [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/pt/en_GB/new/updates-tax-8-2012) - []() - []() [Download Updates Tax 8-2012 ![Download](/sites/default/files/inline-images/flecha-abajo.png)](/sites/default/files/noticias/files/Updates-Tax-8-2012_1.pdf) Previous Next ANTI-TAX FRAUD MEASURES On October 30, 2012, the Official State Gazette published Law 7/2012, of October 29, 2012, amending tax and budgetary legislation and adapting financial legislation to step up proceedings to prevent and fight fraud. It is a tax law aimed primarily at improving the persecution of fraud and the collection of tax debts. Of the measures adopted with this aim, the following are worth highlighting: - The key measures within the sphere of tax collection are as follows: (i) the liability of the successors of dissolved entities has been expanded; (ii) a new liability scenario has been added for the directors of enterprises who, while continuing to perform their activity, repeatedly file self-assessments without payment; (iii) the tax authorities’ powers have been expanded to adopt injunctive measures; and (iv) new infringements have been added for breaches of formal obligations and new penalties have been added for cases of resisting, obstructing, excusing from or refusing tax proceedings. - It makes it obligatory to disclose assets and rights located abroad and sets out the effects of a breach of this obligation for personal income tax and corporate income tax purposes, by treating them as unjustified gains or unreported income. - It disallows payments in cash in transactions with a value of €2,500 or more where any of the parties acts as trader or professional, or €15,000 for a nonresident individual who is not a professional or trader, and sets out a very onerous penalty regime. - It makes amendments to the VAT legislation in order to (i) prevent fraudulent practices, especially in supplies of real estate, and to (ii) adapt the rules on reporting and assessing VAT to the insolvency legislation. Some of these amendments have also been included in the legislation governing the Canary Islands indirect tax (“IGIC”). In addition, while not related to fraud prevention, the opportunity was taken to include in this law an amendment to article 108 of the Securities Market Law. Following this amendment, in transactions involving shares in entities at which more than 50% of their assets are real estate, transfer tax or VAT will only apply where the transaction was carried out to fraudulently avoid the payment of taxes. This is presumed to occur, unless proven otherwise, when the indirectly transferred real estate is not used in economic activities. These changes are discussed in greater detail below. **1. MEASURES TO PROTECT THE TAX DEBT** **2. ASSETS AND RIGHTS LOCATED ABROAD** **3. PAYMENTS IN CASH** **4. ARTICLE 108 OF THE SECURITIES MARKET LAW** **5. OTHER CHANGES** **6. ENTRY IN FORCE** --- This publication is provided for information purposes only and does not constitute legal advice or advice of any other kind. It does not seek to offer a comprehensive summary of the legislation and developments to which it refers nor to cover all published material, but rather to provide an overview of selected topics. It is therefore recommended that the official texts be consulted and specific professional advice be sought. Garrigues does not accept any liability for the use made of this information and assumes no obligation to update it after publication. --- ### Contacts ![Foto del socio](/sites/default/files/styles/medium/public/team/photo/abigail_blanco_vazquez_en_20230601.jpg?itok=CLrUmt_-) [Abigail Blanco](/pt/en_GB/team/abigail-blanco-vazquez) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/pt/en_GB/office/madrid) ![Eduardo Abad Valdenebro - Garrigues](/sites/default/files/styles/medium/public/team/photo/Eduardo_Abad_Valdenebro_en_20260611.jpg?itok=XJmuqiG8) [Eduardo Abad](/pt/en_GB/team/eduardo-abad-valdenebro) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/pt/en_GB/office/madrid) [Find more professionals](../team) ### Related services - [Tax ](/pt/en_GB/services/tax) - ## Find a publication Select service Administrative and Constitutional Law Agribusiness and Food Automotive Banking and Finance Corporate and M&A Criminal Law and Internal Investigations Data Economy, Privacy and Cybersecurity Dispute Resolution: Litigation and Arbitration Energy EU and Antitrust Law Family Business Fashion Law Financial Regulation Human Capital Services Infrastructure Insurance Intellectual Property Labor and Employment Life Sciences and Healthcare Media and Entertainment Planning, Zoning and Environment Private Equity Real Estate Restructuring and Insolvency Securities Markets Sports Startups & Open innovation Sustainability Tax Technology, Communications and Digital Tourism and Hotels Transport, Logistics and Shipping Facet Services detail Facet Services detail Select type of content Publications Newsletters Garrigues collection Laws: amendments at a glance News Facet Publication type detail Facet Publication type detail Min Max ## News search engine