MADRID - In 2012 the government of Spain will attempt to recover lost tax revenues by tackling tax evasion and conducting on-site inspections of businesses. Speaking at a press conference following a meeting of the Cabinet of Spain on January 5th, the deputy Prime Minister of Spain Soraya Saenz de Santamaria confirmed that in 2012 the government will look to significantly cut public spending, and begin a renewed crack down on tax evasion carrying out a higher number of inspections of business places ... Read More

A new report on the economic condition of Spain has been released, recommending several changes to the tax system aimed at ensuring a strong and sustainable economic recovery. On December 20th the Organization for Economic Cooperation and Development (OECD) released its annual Economic Survey of Spain, which outlines the country’s economic standing and suggests several steps that could potentially improve future growth prospects. The report stated that throughout the financial crisis, Spain underwent similar economic declines as other developed nations. At the same ... Read More

The European Commission (EC) has declared that a tax break available to Spanish companies participating in corporate takeovers is illegal and should be revoked. Following an investigation initiated in 2007, the EC concluded on the 28th of October that tax breaks received by Spanish companies completing corporate takeovers of non-Spanish entities within the European Union, are illegal. Instated in 2002, the law allowed Spanish companies to deduct the goodwill element of a takeover transaction. The EC has decided that it will require ... Read More