With over a quarter of the working population out of a job and struggling to make ends meet, the top management of companies in the blue-chip Ibex 35 index last year awarded themselves a healthy pay hike despite an overall drop in corporate earnings while public sector workers suffered wage cuts.
According to the annual report on corporate governance released Wednesday by the National Securities Commission (CNMV), the average remuneration of the directors on the boards of the biggest 35 listed companies in Spain was up 4.4 percent at 522,000 euros from a year earlier. In the case of chairmen and chief executive officers, average wages climbed to 2.4 million euros from 2.2 million a year earlier. The average remuneration per board was up 5 percent at 7.5 million euros. Read more »
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. Read more »
The average number of contributors to the Spanish Social Security System in June rose to above 17 million for the first time this year (17,027,843). This figure represents month-on-month growth of 31,332 (0.18%), which contrasts with the decline of 5,612 recorded by the System in June 2011.
The General Regime posted a month-on-month increase of 68,989 (up 0.68%) and an average number of 13,763,448 contributors.
The most significant increases were seen in Hotel and Catering (29,726 more contributors); Healthcare Activities and Social Services (up 11,574); and Administrative Activities (up 9,224). The largest declines were recorded in the Education sector (down 38,084) following the end of the school year; Construction (down 6,422); and Information and Communication (down 2,040). Read more »
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. Read more »
An unconventional art contest kicks off tomorrow in which competitors use a natural material to create fleeting – yet astounding – sculptures.
The International Sand Art Competition began on Marbella’s shores on Monday, with 10 artists from around the world working head to head. With the theme of ‘Secrets of the Sea’, the seven-day challenge features artists from Europe and Russia, as well as award-winning Indian sand artist Sudarshan Pattnaik. Read more »
The 80 ex workers at the Don Miguel Hotel in Marbella will finally be paid their wages which are still owed to them eight years after the establishment closed.
An Arab group based in Luxembourg, Fundación Magna Invest, through its Spanish company Magna Hotels and Resorts, has purchased one of the pioneering hotels on the Costa del Sol in its heyday. Now the new owners want to return it to its former glory as luxury 5 star hotel, and the refurbish will take two years.
The 550 room hotel is on a 70,000 square metre plot which includes a large tropical garden. 32 of the rooms are suites, 28 conference rooms, five restaurants, four swimming pools, 15 tennis courts and new spaces for an artificial lake and waterfalls, a spa, and fitness and disco club are all to be added. Read more »
Algeciras Port saw the largest increase in container traffic in 2011 anywhere in the world. The port held 28% more containers than in 2010 at 3.6 million with a total cargo of 28.4 million tons.
Another beneficiary is Málaga Port which has taken a grand part of the business from Tangiers. Málaga saw a freight total up 216.4%, reaching 3.49 million tons.
Both ports have benefited by the increase in container traffic. Read more »
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. Read more »
If it seems like you’re still swimming against the tide to find money for your small business, you’re not alone. But there are preparations you can make as a business owner that will increase your chances of getting a loan. ”I want to dispel the myth that there is no money out there for small businesses,” says Aisha Benson, vice president and managing director of Seedco, an alternative finance organization. As part of the America Means Business event in New York this week, Benson spoke to entrepreneurs about what they need to know before approaching a lender for a loan. Read more »
The State Secretary for Budgets and Expenditure, Marta Fernández Currás, confirmed on Tuesday that the standardised State budget to May stands at 2.38% of GDP (compared with 2.56% in 2011), which represents a figure of 2.15 billion euros less than a year ago.
Marta Fernández Currás believes that the Government’s decision to support the liquidity of other public administration services, households and businesses is having a significant effect on the State deficit figure for the first five months of the year, and believes it would be far more appropriate to carry out a comparison with 2011 in standardised terms in order to cater for the earlier application of certain expenditure items for transfers and tax rebates.
The Government continues to make daily efforts “to meet the stability targets, as we consider correcting the deficit to be an essential task”, said the State Secretary for Budgets and Expenditure. Read more »
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