Tributario
Tax on increase in urban land value: the tax cannot be collected on transactions performed before November 10, 2021
A decision by the Directorate General for Taxes (DGT) examines the situation of real estate sale transactions performed between October 26 and November 10 2021 and concludes that the tax does not have to be paid in these cases.Post-pandemic era brings slew of tax reforms in Latin America in 2021
After 2020 when Latin American governments, like the rest of the world, focused on tackling the health crisis and economically shoring up the sectors that were hardest hit by the necessary business restrictions, 2021 presented an opportunity to rebalance weakened public finances without detracting from the slow but steady recovery in those countries. In this document, our tax experts analyze the tax changes announced and enacted in 2021 in Chile, Mexico, Peru, Colombia, Argentina and Uruguay.Spain: Losses could make tax on economic activities bill invalid
In various decisions published over recent months Spanish courts have called into question tax on economic activities assessments for 2020 for reasons related to the necessary fulfillment of constitutional principles of economic capacity and prohibiting confiscatory taxation, due to the exceptional circumstances that arose this fiscal year as a result of the health crisis.Form 720: The Information Return of assets and rights abroad fails to comply with the principle of free movement of capital
The European Court of Justice affirms that penalties imposed for failure to comply with the obligation to provide information are disproportionate and that a law may not allow no statute of limitations to be pleaded in relation to overseas assets and rights simply due to failure to comply with a procedural obligation (judgment of January 27 2022 in case C-788-19).An income reclassification cannot be used when a conflict in the application of tax provisions procedure should have been initiated
A conflict in the application of tax provisions procedure requires a prior favorable report by the consultative committee as specified in article 159 of the General Taxation Law (LGT). Any assessments issued without implementing these guarantee mechanisms must be deemed null and void.Spain General State Budget Law for 2022: overview of the tax provisions
The law includes a 15% minimum corporate income tax rate and nonresident income tax rate (for taxpayers with a permanent establishment), a €1,500 cap placed on the reduction for individual pension plans and restrictions introduced for access to the increased €10.000 reduction for employer pension plans; and, as happens every year, a new set of events of exceptional public interest is determined.The European Commission presents its proposed directives to ensure a 15% minimum global tax rate and to counter the misuse of shell companies
These proposals, presented on December 22, 2021, have their respective origins in the work of the OECD and G20, for the implementation of a global minimum tax rate (known as Pillar 2) and in the communication on business taxation for the 21st century (revision of the ATAD Directive to include measures to counter shell companies).