BRIEF SUMMARY ON THE RETURN OF SPANISH WEALTH TAX FOR 2011 AND 2012
In 2008 the Spanish Government chose to ‘eliminate’ wealth tax by applying a 100% exemption, instead of derogating the law. On 17 September 2011 the wealth tax was reintroduced by the Spanish Government as an ‘emergency economic measure’. The 100% exemption was changed to a tax free allowance of 700.000€ for tax years 2011 and […]
Spanish list of Tax Information Exchange Agreements
Spain has signed TIEAs with the following territories:
US Citizens and Offshore Trust Reporting Obligations
As a reminder of the Internal Revenue Code (“IRC”) § 6048(a), the 2011–2012 Priority Guidance Plan of the US Tax office focuses again on the reporting requirements for foreign trusts. The IRC Code § 6048(a) imposes a duty upon the “responsible party” (settlor or transferror) to provide written notice of any “reportable event” to the […]
Gibraltar should not wait for the exchange of information treaty with Spain
Let’s be consistent with EU legislation and ask for an immediate removal of Gibraltar from the Spanish list of tax havens (RD 1080/1991). According to Spanish legislation, a jurisdiction will be removed from this list if there is a treaty signed including a clause for the exchange of tax information.
Increased Income Tax rates.- is it any good for the real Economy?
How far can the US and the EU governments go to increase taxes and social security charges on wages?. With the purpose of balance their budgets, we believe that higher taxes on employment are suffocating the real economy and the prospects for employment generation.
Gibraltar update on Tax Information Exchange Agreements TIEAs
The list below contains the Tax Information Exchange Agreements (TIEAs) signed by Gibraltar. Belgium-Gibraltar (16 December 2009) Iceland – Gibraltar (16 December 2009) Sweden – Gibraltar (16 December 2009) Faroes Islands – Gibraltar (20 October 2009) Finland – Gibraltar (20 October 2009) Greenland – Gibraltar (20 October 2009) Portugal – Gibraltar (14 October 2009) France […]
