IN THE MAGAZINE "LA REVISTA RUSA EN ESPAÑA"
All articles in this magazine are in russian
New Law in order to reduce financial burden. (Real Decreto-ley 1/2015, de 27 de febrero, de mecanismo de segunda oportunidad, reducción de carga financiera y otras medidas de orden social)
The financial crisis that so many citizens are still suffering has implied
a worrying level of debt in Spain, being for them so difficult to face it. The
Spanish Government thought it was required to approve by law a Second Chance
“Real Decreto- ley”.
In broad strokes, the new Law has been adopted in order to put a
corporation, legal entity, and an individual insolvency proceeding on the same
level. So, either an employee or a freelance who is facing a debt situation, as
long as they are acting in good faith,
will be able to settle the debt using their estate, patrimony, within 5 years.
This new legislation has been created with the idea of making easier to
find an alternative dispute resolution so as to reorganize the outstanding debts
and pay them off. Nevertheless, it was a mistery wether if mortgages would be
included or not, finally they have been
subjected too.
On the other hand, this “Real Decreto” will not be applied to unpaid taxes
which should have been satisfied to the Tax office and the Social Security.
Fiscal Amnesty Inquiries are being investigated for suspected crime of Money Laundering
In 2012 the Spanish Government surprisingly decided to introduce measures
in order to apply a fiscal amnesty and collect taxes from fraud for an amount
of 2.500 million of euros. People complaint about it because they had the
impression it was an unfair measure.
Finally, the Spanish Government collected a higher amount of money, around
12.000 billion euros. Nowadays, probably most of the reliable taxpayers must be
happy about the fact that the Spanish Tax agency has opened around 357
investigation files and has sent them to SEPLAC in order to find out where
money comes from and investigate if the owners of the money could have
committed money laundering.
As far as I am concerned, the fiscal amnesty seemed to be a “trap” to these
ones who did not pay taxes when they had to and also obtained money from
illegal sources, even for funding terrorists.
This measure was a success when it comes to
collect taxes but at the same time, it appears to be a failure because it
created an atmosphere of distrust, and as a result in the short-term can be
effective but not in the long-term to eradicate Money laundering and Tax
evasion.
First Spanish Hospitality Reit
The First REIT specialized in the Hospitality Sector was
recently created in Spain as a result of an alliance between Hispania and
Barceló, being the last one the major shareholder of the new SOCIMI. This new
Socimi called Bay Hotels & Leisure will have Hotels and Shooping Centres
around the Spanish Coast.
As a matter of fact,
this new Spanish Reint means a new way to invest in the Real Estate sector.
SOCIMI are listed companies whose corporate purpose is either the holding of
shares in the capital of their Socimis or the holding of leased urban assets by
means of acquisition and developmen. One
of the main advantages is that there is a tax profit because they are subject
to zero taxation under Corporate Income Tax and those shoreholders owning at
least 5% of the SOCIMI and are taxed on the dividends received at a minum rate
of 10%, will be taxed at a rate of 19% on the portion of the distributed
dividends.
Furtheremore, in order for a company to qualify as a Socimi, there is a
compulsory distribution of dividends as a Socimi is a listed company and at
least 80% of their assets must be land for development of leasable urban properties, shares of other
Real Estate Investment Trusts, SOCIMIS or leasable urban properties. In
addition, Socimi are a great way to invest in Spain, given the current
environmnet of low yields in the markets and the strong devaluation of
properties in Spain.
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