The Directorate-General for Duties (Dirección General de Tributos) has issued a binding ruling on Consultation V0276-19 that analyses the processing of value-added tax(“VAT”) for amounts paid by the Government to a company as a result of the de facto occupation by a government entity of a property owned by the company, to carry out work on the public highway. The principal new development contained in the Consultation is that it establishes a novel administrative criterion on the nature for VAT purposes of amounts paid for the temporary occupation of land, declaring that contrary to other previous consultations (in particular CV 1041-13) such temporary occupation should not form part of the taxable base for the tax.
On the matter of the amount received by the company in compensation for the harm caused by the unlawful occupation of the land, the Consultation asserts that it would not be considered consideration for any transaction subject to VAT, as the amount does not correspond to consideration for an occupation that was not permitted – there not, therefore, being any legal link between the parties – but to compensation for the loss and harm caused to the company by such occupation. (more…)
On 25 January, the “III Technical Workshop on Unit-Linked Insurance” took place at the Hotel Villa Magna in Madrid, organised by Varilo Insurance Broker and sponsored by Swiss Life, Utmost, and Cardif Lux Vie, among others.
Invited to speak by the organiser, Natalia Garzón Pacheco, partner responsible for the tax department at CORTÉS, ABOGADOS, delivered a paper entitled, “Insurance and the Gift Tax: Tax Ruling V0864-18” about the tax implications of Unit-Linked life insurance on the Inheritance and Gift Tax in the wake of the Spanish Tax Authorities’ recent pronouncement on binding Ruling V0864-18 of 28 March 2018.
Natalia Garzón stressed the importance of this Ruling for legal certainty in the tax treatment of Unit-Linked life insurance, insofar as it clearly establishes the essential elements of the tax, such as: the object burdened by the tax, the taxable event, and the moment when obligation to pay Inheritance and Gift Tax arises, allowing for interpretation on the other taxation precepts related to this tax.
The “International Meeting on Corporate Governance and Gender Equality: The Reality and current regulatory trends” [“Congreso Internacional sobre Gobierno Corporativo e Igualdad de Género“. Realidad y tendencias regulatorias actuales] will be held at the Universidad San Pablo-CEU, Facultad de Ciencias Económicas y Empresariales [San Pablo-CEU University, School of Economic Science and Business] this coming 15 and 16 November 2018.
Among other participants, the meeting will feature, in particular, Dr. Prof. Luis J. Cortés Domínguez, Founding Partner of CORTÉS, ABOGADOS, as moderator, along with Dr. Adoración Pérez Troya, Professor of Commercial Law, Universidad de Alcalá de Henares [University of Alcalá de Henares], and Dr. Ana Sala Andrés, also a partner in the CORTÉS, ABOGADOS, who will speak on “Gender Diversity in the Code of Good Governance and Spain’s Corporate Enterprises Act” [“La diversidad de género en el Código de Buen Gobierno y la Ley de Sociedades de Capital”].
CORTÉS, ABOGADOS was honored as counsel of Abengoa restructuring and recapitalization transaction, winner of the Cross Border Turnaround of the Year (Large/Mega markets segment), on the 10th Annual Turnaround Atlas Awards Gala- a gathering of preeminent leaders and professionals from the industry- held July 19, 2018, at The Metropolitan Club of New York.
The awards, granted by the group Global M&A Network, recognize excellence in categories of transactions, outstanding firms and top professionals.
The engineering and technological group SENER has acquired Tryo Group Aerospace & Electronics, which stands to further drive the former’s aerospace business after the sale to Rolls Royce in late 2017 of the its Spain-based engine manufacturer, ITP, for €720mn. In both transactions, the SENER was advised by the legal firm, CORTÉS, ABOGADOS.
SENER is to integrate in its aerospace business the companies of Tryo, which include Tryo Aerospace Flight Segment and Rymsa RF, with affiliates or interests in Mexico and the USA.
Within the space sector, the combined turnover of both groups is approximately €120mn. Sener’s aerospace business is complementary to its undertakings in engineering and construction and is dedicated to activities such as the supply of equipment, system-integration solutions and services for the space, defence and aeronautics industries.