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In brief On 26 February 2021, the new Tax Convention for the Elimination of Double Taxation signed between Spain and Japan (“New Tax Convention”) was published in Spain’s Official State Gazette. The New Tax Convention is generally aimed at adapting its previous version to the most recent standards issued by…

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

On 20 January, 2021, part of Law 18/2020 of 28 December to facilitate economic activity, enters into force, following publication in the Official Gazette of the Government of Catalonia on 31 December. The main aim of this law is to facilitate economic activity in an all-digital environment, allowing for a more agile, efficient relationship between the administration and companies, supposedly with fewer administrative burdens for companies, and a more simplified administrative intervention framework.

On 1 January 2021, the UK left the EU VAT regime. Although the UK has retained a VAT system, it now operates on the basis that it is a third country (with the exception of goods supplied to and from Northern Ireland (“NI”), which continue to be treated as intra-EU trade for VAT purposes).

The UK Government’s agreement of the Trade and Co-operation Agreement with the EU does not change the VAT position. The TCA contains minimal provisions relating to VAT and with the exception of NI trade in goods, the UK is in most respects expected to be treated as any other third country for VAT purposes.

The Agreement for the United Kingdom to Withdraw from the European Union established a transitional period from the time the agreement entered into force until 31 December 2020, during which time European Union (EU) law continued to be applicable. Upon the termination of the transitional period, the United Kingdom is no longer treated as an EU member state and it is therefore considered a third-party country.

In this regard, by passing Royal Decree-Law 38/2020 (RDL 38/2020) of 29 December, Spain’s government has established measures to adapt the Spanish legal system to some of the consequences of the United Kingdom’s withdrawal from the EU and to provide clarity. This alert addresses the measures that are related to labor and immigration matters.

Royal Decree-Law 36/2020 of 30 December 2020, establishing urgent measures to modernize the public administration and implement the government’s recovery, transformation and resilience plan (“RDL of Modernization”) was published on the last day of 2020 and entered into force on 1 January 2021.

Last October the Spanish association of pharmaceutical companies “Farmaindustria” approved its new Code of Good Practice for the Pharmaceutical Industry, which replaces and repeals the previous edition of October 2016. The new Code will come into force as of 1 January, 2021. The new Code of Good Practice introduces a number of important new features. As for the text of the Code, the following changes are noteworthy: