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In Europe

Spain: Tax Fraud Prevention Act

by and 1 Min Read

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…).

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In Cybersecurity, Data and Tech

Spain: the SDPA confirms that the clinical trials monitors should not sign a commissioning contract about the processing of data with the healthcare centers

by and 4 Mins Read

The Legal Office of the Spanish Data Protection Agency (the “SDPA”) has issued on 17 June 2021 a legal report addressing various issues related to the processing of data in the context of health research in the form of clinical trials. Specifically, this report analyzes the legal position of the sponsor, the monitor and the healthcare centers in relation to the processing of trial patient data, and in particular of the clinical history.

In AML & Financial Services Regulatory

Spain: Spanish regulator opens public consultation regarding the draft Regulation for Crypto-asset Advertising

by 4 Mins Read

The new proposed regulation (“Circular”) is aimed at developing the rules, principles and criteria to which crypto-asset advertising will be subject. The Circular defines the type of entities and assets included in its scope and the powers granted to the Spanish financial regulator, the National Securities Market Commission (CNMV), so it can supervise and control the adverting of certain types of crypto assets that have been deemed unregulated products thus far. The deadline for interested parties to reply to the public consultation is 31 August 2021.

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In Cybersecurity, Data and Tech

Multijurisdictional: Tax Challenges of the Digitalized Enterprise

by , , , , , , , , , , , and 1 Min Read

The tax challenges of the digital economy may catch historically non-digital companies by surprise as they “go digital.” Baker McKenzie’s Special Report, Digital Revolution: Transfer Pricing on the Global Tax Battlefield provides insight into digital technology trends non-digital businesses are incorporating and the key tax trends companies must actively navigate including industry sector case studies, transfer pricing considerations, multilateral and unilateral measures, transfer pricing audits and dispute resolution.

In Europe

Spain: New Accounting Considerations for 2021

by , , and 1 Min Read

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

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