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.
On 18 May 2018, a group of 35 professors of Financial and Tax Law from universities throughout Spain gathered in Granada to honour Prof. Matías Cortés, professor, founding partner and president of the professional firm CORTÉS, ABOGADOS, and to commemorate the 50th anniversary of the publication of his book, Ordenamiento Tributario Español (The Spanish Tax System), the first treaty on the subject in Spain.
During the meeting, the group of professors approved and signed a document known as the “Granada Declaration”, which examines the Public Treasury’s current situation from a legal perspective. The academics expressed their concern about the deterioration of legal certainty in the tax field—from a normative and law enforcement point of view—as well as the breach of the constitutional principles of legality, justice, equality, and solidarity.
The following professors signed the Declaration: Mr. Matías Cortés Domínguez, Mr. Rafael Calvo Ortega, Mr. Javier Lasarte Álvarez, Mr. Fernando Pérez Royo, Mr. Alvaro Rodríguez Bereijo, Mr. José María Martín Delgado, Mr. Juan Martín Queralt, Mr. José Manuel Tejerizo López, Mr. Juan Ramallo Massanet, Ms. Maria Teresa Soler Roch, Mr. Eugenio Simón Acosta, Mr. Ernesto Eseverri Martínez, Mr. Ernesto Lejeune Valcárcel, Mr. Francisco Escribano López, Mr. Gabriel Casado Ollero, Ms. Antonia Agulló Agüero, Mr. Gaspar de la Peña Serrano, Dª. Manuela Fernández Junquera, D. Carmelo Lozano Serrano, Mr. Juan Zornoza Pérez, Mr. Perfecto Yebra Martiul-Ortega, Ms. Maria Dolores Arias Abellán, Mr. Juan J. Hinojosa Torralvo Pérez, Mr. Germán Orón Moratal, Ms. Ana Muñoz Merino, D Juan López Martínez, Mr. Isaac Merino Jara, Mr. Fernando Fernández Marín, Mr. José María Lago Montero, and Ms. Yolanda García Calvente.