Tributario
Garrigues strengthens its team in Colombia and Spain with the hiring of two new female partners
Garrigues 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.Spain: New levies on energy and on credit institutions and new solidarity tax on large fortunes have been created
Moreover, a temporary limit is placed in the corporate income tax regime for tax groups on the group's use of tax losses generated by its entities in the taxable period, and significant new legislation is introduced on the tax credit for investments in productions of films, series and live shows. Lastly, an important amendment has been made to the wealth tax legislation under which nonresident taxable persons will have to be liable for tax in Spain on the ownership of shares in entities with real estate assets in Spain.Summary of the tax measures in the General State Budget Law for 2023
Among others, a new bracket has been created for personal income tax on savings income, a reduced tax rate has been established for entities with net revenues below €1 million, and limits have been placed on the effective use rule for determining the place of supply of certain services for VAT purposes and for the purposes of the Canary Islands General indirect tax (IGIC). A new temporary special tax regime for the Balearic Islands has also been defined.Spain - Startups Law: new tax regime for startups defined
The new law has also added flexibility to the special regime for workers assigned abroad, enhanced the tax treatment of carried interest from the management of private equity entities and set out new rules on the obligation to disclose corporate income tax information.Governance and fiscal control as a key element of good corporate governance
In a new edition of “Garrigues Sustainable Dialogs”, José Vicente Iglesias, a partner in Garrigues’ Tax Department, discussed with Javier Martín, professor of Financial and Tax Law, the increasing importance attached to taxation from the corporate governance perspective.The text of the new Solidarity Tax is published and will apply to assets held as of December 31, 2022
The regulation of the tax is proposed by way of amendments (not yet published in the Spanish parliament) to the Non-government Bill on temporary taxes on the energy and finance industries. The elements of the tax will be determined, in general, according to the wealth tax rules.