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On the 30th of October 2012 it was published in the “Boletin oficial del Estado”-BOE- (Spanish official newspaper for new legislation) the Law number 7/2012, containing important measures against fraud.

Regarding especially, the prohibition of paying an amount of 2.500 euros or more in cash or it´s equivalent in any foreign currency during operations, in which any of the involved parties act in the name of a company or professional status.

If the payer is a private person non resident in Spain and not acting in the name of a company nor acting as a professional then the limit of amount is 15.000 euros or it´s equivalent in any foreign currency. This limit is not applicable when making payments and deposits into credit institutions. These rules regarding limitations of payments will come in force in 20 days after being published in BOE.

The remaining measures against fraud came into force on the 31st of October 2012, these meaning among other aspects some penalties will be tougher , introduction of some changes of the use of VAT in property transactions and the obligation to inform about assets and rights situated abroad (Bank accounts, Bonds, Real Estates, etc).


We would also like to remind you that the time limit regarding the regularisation of hidden incomes- “Tax Amnesty”- finalizes on the 30th of November 2012 and there will be no extension of this, according to the Managing Director of Taxation (Director General de Tributos) expressed during his speech in Malaga on the 7th of November 2012 where VERDUN SOLICITORS were present.

About the regularisation process we would like to inform you that Tax Authorities have declared (Informe de la Dirección General de Tributos de 27 de Junio de 2012) that if the taxpayer can prove the ownership of the assets or rights was acquired a certain time prescribed by law, taxpayer will only have to declare those assets or rights which are not under the effect of prescription.

This means that “prescription” will play an important role in the “Tax Amnesty”, being able to prove mentioned “prescription” through any type of evidence admissible in spanish law (for example, a certificate issued by a Foreing Bank stating that amounts were deposited into the bank account more than four years ago).

Last modified on Friday, 28 December 2012 13:03

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