Thursday, 22 November 2012

Spain will create an International Tax Office to fight against BEPS

On 20 November 2012, during a meeting with journalists, the State Secretary of Finance explained the new initiatives taken by the Ministry of Finance in order to fight international tax avoidance:
  • the creation of a new specialized unit to reinforce the fight against international tax avoidance in Spain, similar to the units created in France, Germany and the United Kingdom to tackle the aggressive tax planning of MNEs. The new unit will be attached to the tax audit department of the Tax Administration State Agency (AEAT), will be composed of 50 members and will have competences all over the national territory;
  • the initialling of the agreement with the United States to implement the Foreign Account Tax Compliance Act (FATCA); and
  • the renegotiation of a new treaty protocol regarding exchange of information with Switzerland, which eliminates the restriction included in the current protocol by which Switzerland only provides information in cases of tax fraud.
Source: IBFD and Spanish newspapers