As we inform you in our previous articles, in relation to the legal obligation that the Spanish government established about informing of the accounts located abroad the country, it must be clarify that regarding the tax payers of this obligation, not only must inform the owners of the bank accounts but also affect to those person listed as authorized or people that have powers in the accounts
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Netherlands and China signed tax treaty on 31 May 2013. The main benefits of the new tax treaty are a reduction from 10% to 5% in the withholding tax rate on intercompany dividends, if the recipient company holds at least 25% of the capital of the company paying the dividends. A zero rate will apply to dividends paid to the government or related entities.
The preliminary draft of the law combating financial fraud which the government of Spain has released contains a series of measures aimed at the prevention and struggle against financial fraud.
First of all, among other measures, it has reduced the limit of cash payments to 2,500 Euros, provided that at least the photo identification of a businessman or professional is produced.
As governance codes evolved and gave an increased focus on risk management, many organisations instituted risk management procedures. A risk review was undertaken, a risk register developed, and key risks identified. These were presented to the audit committee and the board, then put on the shelf until it was required to be looked at the following year but never integrated into the management process.
On June 10th, 2005 the Spanish government approved Royal Decree 687/2005 implementing the Personal Income Tax (hereinafter, PIT) regulations in relation to article 9.5 of the Spanish PIT Law, which is commonly known as the "Beckham law" and regulates the procedure to apply for the new Spanish tax regime for expatriates in force since January 1st, 2004.
Since the Portuguese authorities approved the new Regime for Investment Activities in August 2012, certain criteria have subsequently been amended. The intention of the scheme remains to enable nationals of a non-European Union country to obtain a residence permit linked to an investment activity in Portugal.
Owing to the opening of the period for presenting the income tax statement corresponding to the year 2011, we have to warn that there are attempts at fraud taking place on the internet.
The various attempts of deceit make reference to alleged tax refunds, by means of mass mailings by email which forge the identity and logo of the State Tax Administration Agency, or the identity of its directors. Often, the attempts at fraud make reference to alleged information that makes it impossible to deliver of the Income tax return and forges the logo of the Tax Agency.