![]() ![]() ![]() Regarding the Financial transaction tax (monthly filings) for the months of January and February submissions have been moved to March and with respect to the digital service tax (quarterly filings) payments have also been moved to the next quarter. The tax will be in force from 16 January onwards, with the first reporting due by February 2021. The tax measures have not directly impacted M&A transactions since they basically aimed at. The parliamentary procedure has been completed and Law 5/2020, of 15 October, on the Spanish Financial Transactions Tax (FTT Law) was published on 16 October in the Spanish Official Gazette, with certain changes in relation with the initial Bill. This should give the companies more time to adapt to the new requirements and implement all necessary changes. Financial entities are subject to an increased rate of 30. The Spanish government released a notice on the postponement of both taxes. Spanish tax residents and non-residents are subject to tax on dividends, interest and capital gains (regardless of the holding period) at the following rates. ![]() The DST is a tax on digital services that places a 3 percent tax on earnings from online ads, deals brokered on digital platforms and sales of user data by tech companies with at least €750 million ($883 million) in total annual worldwide revenues and Spanish revenues of €3 million ($3.53 million).This is an indirect tax applied at a rate of 0.2 levied. The FTT is a 0.2% tax on the purchase of shares of Spanish companies with a market capitalization of more than €1 billion. Spain has approved a new Financial Transaction Tax, which will come into force on 16 January 2021.These taxes are to become effective starting January 2021. These taxes are the Financial transaction tax (FTT) and the digital service tax (DST) and they both were passed last year by Spain’s upper house. Recently, the possibility of introducing a tax on financial transactions (FTT) as a way to cover part of the pension deficit has come up again in the. Spanish taxpayers are to be hit by two major taxes in 2021. ![]()
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