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  • Displaying items by tag: SPAIN
    will be no reporting obligation for those assets or rights whose value is lower than 50 000 euros considered in the aggregate for each group of assets listed above In the following year the information returns should be filed only if there are new assets or rights the values of assets or rights already reported have increased in certain cases in which ownership in those assets or rights is relinquished Penalties It regulates a system of penalties for cases in which these information models i are not submitted on time ii are submitted with incomplete inaccurate or false information or iii are presented by means other than electronic computer or telematic when those means are required These are considered very serious offenses Penalties in these cases are fixed generally in an amount of 5 000 euros per item or set of data on the same asset if the declaration has not been submitted or has been presented but includes inaccurate or false data with a minimum of 10 000 euros The amount of data or data set is reduced to 100 euros with a minimum of 1 500 euros if the information model is filed late without prior notification or when it is presented by means other than electronic computer and communication when it is compulsory to use these means Effects on income tax and corporation tax Failure to comply with this new reporting requirement in term besides the punitive consequences aforementioned also produces effects in the field of income tax and corporation tax For Personal Income Tax tenure statement or acquisition of goods or rights in respect of which the obligation to declare has not been fulfilled will be considered a taxable capital gain and integrated into the overall tax base of the oldest non prescribed tax year For the Corporate Income Tax goods and rights will be considered as acquired with undeclared income and will also be assigned to the oldest non prescribed tax period This applies to periods ending as of October 31 2012 The Act with unclear wording establishes that the imputation of rent will be appropriate to the period in which this new wording of the rule was in force We are therefore faced with a irrebuttable presumption applicable even if the taxpayer can establish that such property or rights come from a prescribed exercise However this presumption would not be applicable if the taxpayer or the taxpayer can prove that these goods and rights have been acquired With declared income which would include income regularized by special tax return regulated in the first additional provision of Royal Decree Law 12 2012 also known as tax amnesty With income earned in tax years in which the tax payer was not a taxpayer in Spain of the Personal or Corporate Income Tax respectively Penalties Treating capital gains as unjustified or unreported income entails the imposition of sanctions for very serious offense with proportionate pecuniary penalty of 150 of the amount of the tax liability resulting from

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/SPAIN (2016-04-30)
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  • Displaying items by tag: LEGAL
    recent years many international conventions and agreements to ensure the exchange of information Qatar Austria UK India Uzbekistan Cyprus Argentina USA Monaco and Macao Published in Lawyers Read more Sunday 16 September 2012 14 52 Partial refund of past IBI receipts and other taxes calculated on the rateable value of properties As you may already know the revised assessment of rateable values of real estate in Jávea carried out in 2005 on the basis of which the Jávea Town Hall has calculated IBI Property Rates receipts since 2006 has been annulled under the Judgment of the High Court of Justice of the Valencian Region dated December 20 2007 The correctness of that judgment has now been recognized and upheld by the Supreme Court judgment dated March 22nd 2012 One consequence of this is that all taxes paid pursuant to that valuation become null and void Examples of such taxes are the receipts of the IBI Property Rates and Tax on the Increment in the Value of Urban Land IIVTNU payable on the sale of property There are also other taxes that are calculated based on the rateable value and that are affected by the cancellation of the revised assessment of rateable values of 2005 Inheritance and Gift Tax Income Tax of Individuals and Income Tax of Non Residents You therefore may want to consider making a claim for the refund of amounts overpaid in respect of these taxes in prior years In the case of IBI we recommend that you can make a claim to the Jávea Town Hall in respect of the amount unduly paid in 2006 to 2011 However please note that on a strict interpretation of the law it may only be possible to go back 4 years prior the filing of the application In respect of

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/LEGAL (2016-04-30)
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  • Displaying items by tag: EU
    other means the EU allows for co operation and exchange of information among its member countries Both collecting taxes and combating tax fraud and tax evasion are the responsibility of EU countries national authorities However much of the fraud happens across borders and a single country acting on its own will not achieve a lot The EU has long provided tools to help member countries fight fraud more effectively It now has an Action Plan to move up a gear More information can be found on this link http ec europa eu taxation customs taxation tax frau d evasion missing part en htm Are you certain you are paying taxes to the correct country Please contact LexTax Consulting for professional advice on the subject www lextax es Published in Tax Read more Search Tags AEAT ASSETS BRITISH CHARITY CITIZENS CITY HALL ECONOMY EU EVASION FACTA FISCAL INTERNATIONAL TAX FRAUD JAVEA LAW LAWYERS LEGAL NON RESIDENT NO RESIDENTS OCDE PROPERTY SALES REFUND REPORTING SPAIN STOLEN SUPREME COURT TAX TAXES TAX FRAUD TAX RETURN UK Category Lawyers 7 Legal 1 Tax 3 Economy 3 LEXTAX CONSULTING Lawyers Advisors Carrer D Avall 31 03730 Jávea Alicante España T 34 96 579 20 15

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/EU (2016-04-30)
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  • Displaying items by tag: LAW
    electronic computer or telematic when those means are required These are considered very serious offenses Penalties in these cases are fixed generally in an amount of 5 000 euros per item or set of data on the same asset if the declaration has not been submitted or has been presented but includes inaccurate or false data with a minimum of 10 000 euros The amount of data or data set is reduced to 100 euros with a minimum of 1 500 euros if the information model is filed late without prior notification or when it is presented by means other than electronic computer and communication when it is compulsory to use these means Effects on income tax and corporation tax Failure to comply with this new reporting requirement in term besides the punitive consequences aforementioned also produces effects in the field of income tax and corporation tax For Personal Income Tax tenure statement or acquisition of goods or rights in respect of which the obligation to declare has not been fulfilled will be considered a taxable capital gain and integrated into the overall tax base of the oldest non prescribed tax year For the Corporate Income Tax goods and rights will be considered as acquired with undeclared income and will also be assigned to the oldest non prescribed tax period This applies to periods ending as of October 31 2012 The Act with unclear wording establishes that the imputation of rent will be appropriate to the period in which this new wording of the rule was in force We are therefore faced with a irrebuttable presumption applicable even if the taxpayer can establish that such property or rights come from a prescribed exercise However this presumption would not be applicable if the taxpayer or the taxpayer can prove that these goods and rights have been acquired With declared income which would include income regularized by special tax return regulated in the first additional provision of Royal Decree Law 12 2012 also known as tax amnesty With income earned in tax years in which the tax payer was not a taxpayer in Spain of the Personal or Corporate Income Tax respectively Penalties Treating capital gains as unjustified or unreported income entails the imposition of sanctions for very serious offense with proportionate pecuniary penalty of 150 of the amount of the tax liability resulting from its inclusion in the tax base of the oldest non prescribed tax year These effects occur from October 31 2012 date of entry into force of the Law 7 2012 The information provided in this article is not intended to be legal advice but merely conveys general information related to legal issues We kindly invite you to visit and comment about this article in our blog and at facebook your comments in this respect will be greatly appreciated Published in Tax Read more Sunday 16 September 2012 14 52 Partial refund of past IBI receipts and other taxes calculated on the rateable value of properties As you

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/LAW (2016-04-30)
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  • Displaying items by tag: LAWYERS
    on taxation on trusts and the reduction in the withholding rate on interests and dividends Published in Lawyers Read more Search Tags AEAT ASSETS BRITISH CHARITY CITIZENS CITY HALL ECONOMY EU EVASION FACTA FISCAL INTERNATIONAL TAX FRAUD JAVEA LAW LAWYERS LEGAL NON RESIDENT NO RESIDENTS OCDE PROPERTY SALES REFUND REPORTING SPAIN STOLEN SUPREME COURT TAX TAXES TAX FRAUD TAX RETURN UK Category Lawyers 7 Legal 1 Tax 3 Economy 3

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/LAWYERS (2016-04-30)
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  • Displaying items by tag: AEAT
    that is for The natural person on whose behalf it is intended to establish a business relationship or intervene in any transaction The natural person who ultimately owns or controls directly or indirectly a percentage higher than 25 of the capital or voting rights of a legal person or by other means exercising control direct or indirect of the management of a legal person An exception is a company listed on a regulated market in the European Union or third country s equivalent The person or persons who hold or exercise control of 25 or more of the property of a legal instrument or the person who administers or distributes funds or when beneficiaries are yet to be determined the class of persons in benefit of which is set up or operates There will be no reporting obligation for those assets or rights whose value is lower than 50 000 euros considered in the aggregate for each group of assets listed above In the following year the information returns should be filed only if there are new assets or rights the values of assets or rights already reported have increased in certain cases in which ownership in those assets or rights is relinquished Penalties It regulates a system of penalties for cases in which these information models i are not submitted on time ii are submitted with incomplete inaccurate or false information or iii are presented by means other than electronic computer or telematic when those means are required These are considered very serious offenses Penalties in these cases are fixed generally in an amount of 5 000 euros per item or set of data on the same asset if the declaration has not been submitted or has been presented but includes inaccurate or false data with a minimum of 10 000 euros The amount of data or data set is reduced to 100 euros with a minimum of 1 500 euros if the information model is filed late without prior notification or when it is presented by means other than electronic computer and communication when it is compulsory to use these means Effects on income tax and corporation tax Failure to comply with this new reporting requirement in term besides the punitive consequences aforementioned also produces effects in the field of income tax and corporation tax For Personal Income Tax tenure statement or acquisition of goods or rights in respect of which the obligation to declare has not been fulfilled will be considered a taxable capital gain and integrated into the overall tax base of the oldest non prescribed tax year For the Corporate Income Tax goods and rights will be considered as acquired with undeclared income and will also be assigned to the oldest non prescribed tax period This applies to periods ending as of October 31 2012 The Act with unclear wording establishes that the imputation of rent will be appropriate to the period in which this new wording of the rule was in force We are

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/AEAT (2016-04-30)
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  • Displaying items by tag: BRITISH
    you can get a police report You will need the report for insurance purposes and to obtain a replacement travel document Contact the nearest British Embassy High Commision or Consulate Complete an Lost or Stolen LS01 Notification form in order for your passport to be cancelled Identity theft is a growing crime To protect your identity please bring or send this form to the Consulate of Alicante as soon as possible You do not need to wait until you apply for a new passport It is vital you report a lost or stolen passport as soon as possible even if you don t want to replace your passport immediately The loss or theft of your passport will be recorded and forwarded to the Identity and Passport Service IPS IPS will then cancel your passport to reduce the risk of someone else using your passport or your identity Help travelling back to the UK or other destination If you need to travel urgently you may be eligible for emergency travel documentation please visit this link Replace a lost or stolen passport You can apply for a replacement passport at the same time as reporting your British passport lost or stolen Form more information click on this link What to do about a damaged passport You do not need to report a damaged passport but if your passport is damaged beyond reasonable wear and tear some airlines may not let you travel For this reason we recommend that you apply for a replacement as soon as possible You will need to send the damaged passport when you apply for a replacement The Consulate will return it once we have established your identity and confirmed that the damage is not due to fraudulent tampering Fraudulent tampering means someone trying to change the identity

    Original URL path: http://www.lextax.es/index.php/en/news/itemlist/tag/BRITISH (2016-04-30)
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  • BRIEFING
    to top Search Tags AEAT ASSETS BRITISH CHARITY CITIZENS CITY HALL ECONOMY EU EVASION FACTA FISCAL INTERNATIONAL TAX FRAUD JAVEA LAW LAWYERS LEGAL NON RESIDENT NO RESIDENTS OCDE PROPERTY SALES REFUND REPORTING SPAIN STOLEN SUPREME COURT TAX TAXES TAX FRAUD TAX RETURN UK Category Lawyers 7 Legal 1 Tax 3 Economy 3 LEXTAX CONSULTING Lawyers Advisors Carrer D Avall 31 03730 Jávea Alicante España T 34 96 579 20 15

    Original URL path: http://www.lextax.es/index.php/en/news/item/58-06-02-13 (2016-04-30)
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