Tributario
DAC 6: Regulations completing transposition of the directive in Spain have been published
Law 10/2020 of December 29, 2020 published on December 30, 2020 (see our alert on this law), transposed into Spanish law Council Directive (EU) No 822/2018 of 25 May 2018, on the mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (DAC 6), through two additional provisions in the General Taxation Law (LGT).2020 personal income tax and wealth tax filing season: how to depreciate inherited or gift properties
In the tax information and on the draft return that the finance authority will make available to taxpayers, greater details will be provided of income obtained from rental property, including a calculation of depreciation expense. The Spanish finance authority, calculates the depreciation expense for inherited or gifted properties only on the cost of investments and improvements made on the property and the expenses and taxes associated with its acquisition.Garrigues adds new partner Miguel Pimentel to its tax department in Portugal
Garrigues has boosted the tax department in Portugal by taking on Miguel Pimentel to coordinate the Portuguese international taxation practice. Pimentel joins partners Pedro Miguel Braz, department director and coordinator of the Portuguese tax litigation practice, and Fernando Castro Silva, in charge of the tax advisory practice, on the task of leading a team with more than thirty practitioners. Garrigues tax department has in this way strengthened its positioning in the Iberian market: today it was recognized for another year running as Tier 1 in the Chambers Europe directory for both Portugal and Spain.Directive ATAD II: Spanish anti-hybrid legislation approved
On March 10, 2021, Royal Decree-Law 4/2021, of March 9, 2021, was published, which transposes Council Directive (EU) 2016/1164 of 12 July 2016, amended by Council Directive (EU) 2017/952 of 28 May 2017 (ATAD II Directive), as regards “hybrid mismatches”, and amends the corporate income tax and nonresident income tax laws.Meaning of “expenses incurred to carry out activities that are against the law” cannot be construed broadly
The Corporate Income Tax Law states (article 15.f) that expenses incurred to carry out activities that are against the law are not deductible. The Supreme Court concluded in a judgment delivered on February 8, 2021 that this concept should be construed narrowly.