Tax Advisers - Deloitte

Spain
be shifted from the administration onto the taxpayer; strict documentation
requirements, expected to be in line with the EU Joint Transfer Pricing Forum
conclusions, will be introduced, subject to automatic penalties for non-compliance.
So-called secondary adjustments are also predicted. All these changes will allow
multinational enterprises with operations in Spain, including Spanish companies
which already have widespread international presence in Latin America, Europe and
Asia, to devote significant resources to analysis, validation and documentation tasks in
the future.
The new income tax law, notwithstanding its importance, will, in all likelihood, not be
an end station, but rather the gateway to further relevant changes in the years to come,
linked not only to the mandatory introduction of new international accounting rules,
but also to the pursuit of tax rate reduction and the elimination of credit. However this
is probably a subject better suited to next edition’s article.
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