Owning assets abroad does not make you exempt from your tax obligations. It is necessary to know which of these possessions must be declared and how to do it. In the first quarter of the year it is necessary to submit Form 720 specifying the assets located abroad. It is an informative form so that… Continue reading Tax Advisor: Assets abroad do not exempt you from paying taxes in Spain
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Tag: Europe
Tax advisor: Deductions for a rehabilitated property finally destined for renting
A tax payer bought a property and paid the Transfer Tax and Stamp Duty (modality of Onerous Patrimonial Transfers). She is currently carrying out renovation work on the property, as stipulated in article 20.1.22 of the VAT Law, with a view to selling the building once it is complete. During the renovation works, VAT is… Continue reading Tax advisor: Deductions for a rehabilitated property finally destined for renting
Tax advisor: New instructions on tax deferrals and tax instalment payments
The Director of the Tax Agency’s Collection Department has issued two complementary instructions to Order HFP/311/2023, of March 28th, to establish a more flexible scheme for the processing of deferrals and payment by instalments. The Order aims to extend the amount of the exemption from the obligation to present guarantees required for the granting of… Continue reading Tax advisor: New instructions on tax deferrals and tax instalment payments
Tax advisor: Things to do once the personal income tax return has been submitted
After filing the Personal Income Tax (IRPF) return using form 100, there are several options that the taxpayer can carry out. In this article, we describe the alternatives available once the return has been filed. Consult a return The law gives the Tax Agency a period of six months to issue the provisional liquidation that… Continue reading Tax advisor: Things to do once the personal income tax return has been submitted
Tax advisor: Impossibility for divorced people to deduct the electricity bill of their children’s home
The Personal Income Tax Act does not allow divorced taxpayers to deduct in their income tax return the maintenance expenses of the family home where their ex-wife and children live, even if they have committed to pay them. The Directorate General of Taxes (DGT) has recently clarified that it is only allowed to subtract the… Continue reading Tax advisor: Impossibility for divorced people to deduct the electricity bill of their children’s home
Tax advisor: Form 390 VAT; operations under the simplified regime
We will now discuss how to complete the annual VAT summary form in relation to transactions carried out under the simplified regime. Before delving into this analysis, it is important to note that VAT taxpayers who are required to file periodic payment returns with a quarterly settlement period, and who only carry out activities that… Continue reading Tax advisor: Form 390 VAT; operations under the simplified regime
Tax Advisor: The obligation to tax real estate income of non-resident investment funds infringes the free movement of capital
The referral decision indicates that, according to the German regulations at issue in the main proceedings, specialized resident real estate investment funds are exempt from corporate income tax, while non-residents do not enjoy this exemption. This results in unfavorable treatment for non-resident specialized real estate investment funds, which constitutes a restriction on the free movement… Continue reading Tax Advisor: The obligation to tax real estate income of non-resident investment funds infringes the free movement of capital
Tax Advisor: The supply of electricity by the operator of a distribution network is subject to VAT
In the Flemish Region of Belgium, the supply of energy to private individuals is regulated by the Energy Decree, supplemented by the Ministerial Order on Energy. The Flemish Electricity and Gas Regulator (VREG) appointed Fluvius, an inter-municipal cooperation structure made up of thirty-eight Flemish municipalities, as the legal entity in charge of managing the electricity… Continue reading Tax Advisor: The supply of electricity by the operator of a distribution network is subject to VAT
Tax Advisor: The person obliged to pay the capital gains tax by agreement is entitled to rectification and refund of the undue payment
The appealed judgment establishes that, since there is no case law stating that the fulfillment of a contractual obligation alone legitimizes the ability to appeal before the courts to analyze the merits of a tax assessment, it is necessary to abide by article 33 of the General Collection Regulation. According to this article, if the… Continue reading Tax Advisor: The person obliged to pay the capital gains tax by agreement is entitled to rectification and refund of the undue payment
Tax advisor: Application of the transitory regime of the eleventh additional provision of the Personal Income Tax law even if there is an automatic extension or periodic renewal in group insurance.
Until now, the Directorate General of Taxes had maintained that the extension or periodic renewal of temporary renewable insurance policies meant a new insurance and, therefore, the seniority of the initial contract was not maintained, not applying the transitional regime foreseen in Law 35/2006. However, ruling 1665/2020 of the Supreme Court has modified this criterion… Continue reading Tax advisor: Application of the transitory regime of the eleventh additional provision of the Personal Income Tax law even if there is an automatic extension or periodic renewal in group insurance.