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Bankruptcy proceedings in Spain

The Spanish law firm, Arcos & Lamers Asociados, has the pleasure to line out some details with regards to the Spanish Bankruptcy proceedings.

The declaration of Spanish Bankruptcy is governed by the Spanish Law – Bankruptcy Act 22/2003 passed on 9th July 2003. When a debtor is unable to fulfil his financial obligations and has become insolvent, he may apply for a declaration of bankruptcy, justifying his indebtedness and state of insolvency. The bankruptcy petition may also be presented by any of the debtors’ creditors.

TAX LIABILITIES FOR NON FISCAL RESIDENTS OWNING PROPERTY IN SPAIN

The Accountants, Tax Advisers and Lawyers of the Spanish Law Firm Arcos & Lamers Asociados have the pleasure to inform you about the tax consequences of being an owner of a Spanish property and non tax resident inSpain.

The tax law in Spain for non residents states that any income obtained directly or indirectly from the property should be taxed in the country where the property is situated, regardless the fiscal residency of the owner of the property, whether the property is used by the owner or rented out in any way. 

Draft Law for Measurements for Flexibility and Increase of the Spanish rental Market of 11th May 2012

According to the Spain Government, Ministry of Public Works, data relating to the housing rental market, there are one million eight hundred thousand homes in rental and 3 million of empty homes in Spain.

For the purpose of promoting the housing rental market, several measurements for the flexibility of the Spanish market, according to preliminary draft Spanish law “Anteproyecto de Ley de Medidas de Flexibilización y Fomento del Mercado de Alquiler de Viviendas” 11th  May 2012,  have been implemented.

Main spanish home residency

The professional and efficient lawyers and tax advisers of the Spanish law firm Arcos & Lamers Asociados would like to reproduce the definition of  “Vivienda habitual” main home residency, as this Firm has been in many occasions approached concerning  enquiries with regards to what indeed the Spanish prime tax residency is.

This concept is described at “El Texto Refundido del IRPF” Spanish Income Tax Law. This definition is a relevant issue for other Income Tax purposes. For instance the deduction of re-investment of sale price into another main prime home, that could reduce to the max any Spanish Capital Gain Tax. 

Subsidy’s related to Spanish employment, by Arcos & Lamers Asociados, your Tax, Labour Lawyer in Spain

According to the Spanish labour advisors from Arcos & Lamers Asociados there are two main types of Subsidies that could be taken into account:

1-      Spanish Companies that hire employees for an indefinite period of time. These employees should priory be registered at the Spanish local official employment office (Instituto Nacional del Empleo I.N.E.M.) an interview with a Spanish Civil Servant will be held and the individual will be transferred to a company indicated by the I.N.E.M.

2-      Subsidy to promote employment for those companies that do belong to the trade sector, applicable for females or  individuals aged under 30 or above 45 years of age. 

Notes on the beckham law produced by spanish lawyers Arcos & Lamers asociados

The Marbella Lawyers and Spanish accountants of Arcos & Lamers Asociados would like set out below some notes with regards to the Spanish Beckham Law.

The known Spanish Law as the “Beckham Law”, refers to law 35/2006 of 28 November, which did amend the Spanish Company tax law as well as the Spanish Income tax law of non-resident citizens. 

Spanish Capital gains tax for individuals. Are Spanish tax residents discriminated?

Although you may already know, the Spanish lawyers and tax advisors of the Spanish law firm Arcos & Lamers Asociados wish to confirm that, according to the amendment of  Spanish Tax Legislation of 30th December 2011,  the taxation with regards to Spanish Capital Gain for individuals resident in Spain has been settleds as follows :

PRELIMINARY STUDY OF COMPANY BALANCE SHEETS BY SPANISH ACCOUNTANTS AND BUSINESS ADVISERS OF ARCOS & LAMERS ASOCIADOS.

Your company should be analyzing if by lowering the price you would recover the market share and improve the profit and loss account of your activity. At the time of reducing your price list, how much should your turn over increase to maintain the present profits?

Spanish labour law, Salary and Social Security particulars related to Sick leave.

The Spanish labour advisers of Arcos & Lamers Asociados, Law Firm in Marbella, have the pleasure to inform you on some notes related to the payment of wages and Social Security costs in Spain applicable to those employees that do not turn up to their work due to health reasons. Please find below the way to approach the salary payments due to the employer in Spain.

REDUCTION ON CAPITAL GAIN TAX IN SPAIN

SPANISH LAW 18/2012, 11 MAY 2012 

In a previous blog of this professional Law firm it was already published that the  Spanish minister Ms. Ana Pastor had announced on 11.05.2012 several measurements to stimulate de Spanish property market. The lawyers, tax adviser and accountants of Arcos & Lamers Asociados have now the pleasure to inform you that those announced Spanish tax measurements have become legally binding.