Welcome to our April 2023 edition of the Funds Tax Bites, where we provide a “bite size” overview of the key recent and anticipated tax developments globally that we expect to be of interest to those operating in the investment funds industry.
Tax Fraud Prevention Act 11/2021, was published on 10 July 2021. This act transposes Council Directive (EU) 2016/1164, dated 12 July 2016 (Laying Down Rules against Tax Avoidance Practices that Directly Affect the Functioning of the Internal Market), which amended various tax laws and gambling regulations. This new Act amends a vast number of regulations and affects almost every aspect of the Spanish tax system (both for companies and individuals, international taxation, indirect taxation, general tax rules…).
On 30 January 2021, Spain’s Official State Gazette published Royal Decree 1/2021, which established certain amendments in Spain’s Generally Accepted Accounting Principles (El Plan General de Contabilidad or “PGC”), such as the GAAP for Small and Medium Sized Businesses (SMBs), the rules for preparing Consolidated Annual Financial Statements and the rules for adapting the GAAP to non-profit institutions