The Directorate-General of Taxes (DGT) and the Tax Agency (AEAT) have announced significant changes to the rules on the communication of information on international tax planning. In Spain, these adjustments, set out in DGT AEAT Resolution 8-5-24, were published last week in the Official State Gazette (BOE) (17-5-24).
The European DAC6 regulation requires countries to automatically share information on specific cross-border tax planning schemes, emphasizing those that can be used to reduce tax payments inappropriately. To comply with these requirements, Spain has adjusted its legislation, amending the General Tax Law (LGT) and the General Regulations on Management and Inspection (RGGI).
This adaptation of Spanish legislation will affect companies in different ways. For this reason, we provide all the specific details and instructions on how companies must act to comply with international regulations.
Specific changes for companies
As of May 18th, 2024, the models used by companies and their intermediaries to report on these schemes have been updated. This ensures the necessary information is submitted correctly and according to the new guidelines.
Tax intermediaries are only required to report professional secrecy to their direct clients, which may simplify the reporting process for some companies.
What should a company do in view of the new planning rules?
- Identify Cross-Border Schemes: Analyze and ensure that all strategies comply with the new European and national regulations.
- Consult with Intermediary Tax Professionals: Work closely with advisers and lawyers and consider whether intermediaries are protected by professional secrecy.
- Update Internal Procedures: Update and implement the models established by the Tax Agency as of May 18th, 2024,
- Training and Education: Train accounting and finance staff and keep them updated.
- Implement Control and Monitoring Systems: New periodic review systems and internal audits are conducted to verify compliance and correct any deviations that may arise.
It is essential that companies rigorously follow the new updates regarding tax planning communication models to avoid any negative repercussions.
At LEIALTA, we can advise you and provide solid support to comply with your obligations. Our team of experts in the field is ready to offer you the necessary guidance at every step of this process, regardless of your company’s size or sector. Do not hesitate to contact us with any questions you may have.
