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New Law on Prevention and Fight Against Tax Fraud

A few days ago, the Official State Gazette published the new Law on Prevention and Fight Against Tax Fraud.

The purpose of this Law is to fight tax fraud linked to new technologies, pursue inappropriate behavior and avoid abusive tax planning.

The main measures that will affect individuals, freelancers, investors, and companies are the following:

  • It prohibits the production, possession, or use of any computer software that manipulates or falsifies the companies’ accounting.
  • Obligation to declare investments in cryptocurrencies located in Spain and abroad if it has to do with taxpayers of Spanish nationality.
  • Review and update the list of tax havens.
  • A regime of International Fiscal Transparency is incorporated into the Legislation.
  • The list of debtors to the Public Treasury reduces the debt from 1 million to 600,000 euros. It also contemplates that, in addition to the principal debtors, those who declare themselves jointly and severally liable for the debt due to their active conduct or omission.
  • Prohibits the approval of tax amnesties.
  • Judicial guarantees are included to carry out inspections of the Tax Agency in a taxpayer’s domicile without prior notice. Still, they must be approved by a judge in case the taxpayer does not authorize.
  • The tax benefit in personal income tax for the so-called “succession agreements” may be maintained only in the cases of those assets that are sold from the five years after the transfer of the same.
  • The Tax on Patrimonial Transmissions and Documented Legal Acts tax base is modified, as well as that of the Tax on Inheritance and Donations. The reference value is that of the Cadastre.
  • Set a limit of € 1,000 for cash payments between entrepreneurs or freelancers.
  • Only the income included in the self-assessment will account for the 60% reduction in housing rent.
  • In the Tax on Economic Activities, the normative references are updated to consider a group of companies.
  • SOCIMIs (listed real estate investment companies) will pay 15% tax on their undistributed profits.
  • The control of Sicav (variable capital investment companies) is strengthened, with a minimum investment of € 2,500 and € 12,500 in the company’s case by compartments, which must be at least 100 partners.

At Calvet, we take care to keep you informed.

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