Authorities in Gibraltar have slammed claims by a top Spanish official that the UK-held territory costs Spain €1 billion ($1.3 billion) a year in lost tax revenues, saying the figure is “a financial flight of fancy”. “The wealth that Gibraltar enjoys cannot continue to be based solely on an economy… – Continue reading
The Spanish Government yesterday stepped up its campaign of unsubstantiated accusations against the Rock by claiming that Spain was losing out on one billion euros in taxes every year because of Gibraltar’s fiscal regime. The spectacular claim was made by Iñigo Méndez de Vigo, Secretary of State for the EU… – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
A new Spanish game for mobile phones and tablets is giving Spaniards the chance to poke fun at a formerly revered Catalan politician who has had a rapid fall from grace. Just days after the former president of Spain’s Catalonia region Jordi Pujol shocked Spain with news that he and… – Continue reading
Ex-Catalan premier Jordi Pujol is to be stripped of his honorary privileges after admitting to 34-years’ worth of tax evasion. He ruled the region for 23 years and as such earns an annual pension of over 86,000 euro; has an official car; and is honorary president of the CDC pro-independence… – Continue reading
Spain has passed a new law requiring websites that link to news stories first published by the Spanish newspaper association to pay a tax for that hyperlink, a law that targets Google (NASDAQ:GOOG) and other Internet newsfeeds that feature journalism that originates elsewhere and make it available to a wider… – Continue reading
British expats living in Spain will have to be on their toes to keep up with the new Spanish tax rules There are a number of changes afoot which could trip you up faster than a flamenco dance. These include: · A new double tax treaty · New disclosure rules… – Continue reading
Property-buyers and expats in Spain should note that a new Double Taxation Convention between the UK and Spain, which was signed in London on 14th March 2013, came into force in June 2014. Richard Way, Editor of www.OverseasGuidesCompany.com, publishers of www.SpainBuyingGuide.com said: “From June 12th, rules for withholding tax on… – Continue reading
Spain signed an agreement with the Dominican Republic to avoid double taxation of individuals and companies that are subject to levies in both nations. The accord, published today in the Spanish government’s Official Bulletin, allows income tax paid in one nation to be deductible in the other nation from income… – Continue reading
Barcelona forward Lionel Messi is to set to have tax fraud charges against him dropped, but the Spanish judicial system will continue to push for a conviction for his father.The 26-year-old had been hit with allegations in the past year which suggested he was guilty of tax avoidance to the sum of €4.1… – Continue reading
A Spanish prosecutor recommended that Lionel Messi, the captain of Argentina’s national soccer team, be cleared of tax evasion while keeping his father an official suspect. “Messi didn’t participate in the decision making of the management and use of his earnings,” prosecutor Raquel Amado said in a presentation, a copy… – Continue reading
The Spanish government has announced that the double tax agreement between Cyprus and Spain, which was signed on February 14 2013, entered into force on May 28 2014, on expiration of the three-month period from the date of receipt of the last notification referred to in Article 27, Paragraph 1… – Continue reading
Following the ratification of the double tax treaty (“DTT”) between Cyprus and Spain on March 22nd, the new treaty will come into force three months after the exchange of official notifications and upon completion of the official exchange of the ratified documents between the governments of Spain and Cyprus. Accordingly,… – Continue reading
Luiz Felipe Scolari is the subject of a criminal investigation in Portugal, authorities said Wednesday, bringing an unwelcome distraction for the Brazil coach as his country prepares to host the World Cup. Officials wouldn’t say what the investigation is about. In Portugal, ongoing investigations fall under the country’s judicial secrecy… – Continue reading
MoUs cover defence, tourism, archives and double taxation — MUSCAT — Oman and the Kingdom of Spain signed a memorandum of understanding (MoU) in the field of archive and documentation at Al Alam Palace within the framework of the Spanish monarch’s visit to the Sultanate, yesterday. The Government of Oman… – Continue reading
HM Revenue and Customs (HMRC) has announced that the new convention for the avoidance of double taxation signed between the United Kingdom and Spain will enter into force on June 12, 2014. The agreement provides for a 10 percent rate on dividends, except where those dividends are paid out of… – Continue reading
BAKU (Azerbaijan), April 24 (Bernama) — Azerbaijan and Spain have signed a Convention on the Elimination of Double Taxation with Respect to Income and Property Tax and Prevention of Tax Avoidance, Azerbainjan’s Azertac reported. The agreement was signed by Azerbaijani Foreign Minister Elmar Mammadyarov and his Spanish counterpart Jose Manuel… – Continue reading
Article 27 of the new double taxation agreement between Spain and Cyprus provides that the agreement will enter into force three months after the exchange of official notifications between the governments concerned that all ratification procedures have been completed. We understand that notifications were exchanged in March, which means that… – Continue reading
As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned countries and follow the OECD conventional model on income and capital. The… – Continue reading
PRLog (Press Release) – Mar. 4, 2014 – NICOSIA, Cyprus — As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned… – Continue reading
Montenegro held the first round of talks with the Kingdom of Spain for the conclusion of an avoidance of double taxation agreement and prevention of income tax. Montenegrin delegation was led by Mitar Bajčeta, chief of the Directorate of Customs System and Customs Policy in the Ministry of Finance, and… – Continue reading
Zara’s celebrity chic helps make its Spanish parent company, Inditex SA, the world’s biggest fashion retailer. Singer Taylor Swift, reality-television personality Kim Kardashian and Kate Middleton, Prince William’s wife, have all been spotted wearing the stylish, low-cost brand. Another reason for Inditex’s industry-best profit margins of almost 15 percent: the… – Continue reading
Back in April 2013, the G5 Governments agreed to work together on a pilot scheme on multilateral and standardized exchange of tax information, with a new initiative on information exchange, based on the so-called FATCA (Foreign Account Tax Compliance Act) exchange model. Luxembourg, Liechtenstein, Malta, Greece, Iceland and Colombia have… – Continue reading
It’s no big secret that for years the Madrid Government together with their so-called impartial EU Competition Commissioner Joaquin Almunia have been on Gibraltar’s back regarding the Rock’s income tax laws. Last week I covered for Panorama the Gibraltar Government visit to Brussels where Mr Picardo and his team had… – Continue reading
The European Commission is currently analysing how Gibraltar and Spain will implement recommendations made by its experts who visited the border last year. Both the Gibraltar Government and the Spanish Government have submitted detailed documents to the Commission – the former via the office of the UK permanent representative in… – Continue reading
The following commentary, compiled by the Institute for Risk Management Bermuda Group, examines the implications for the Island of the Foreign Account Tax Compliance Act (FATCA) legislation enacted by the United States. Back in June 2012 the Institute of Risk Management (IRM), Bermuda Regional Group hosted a forward looking… – Continue reading
