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GM TAX CONSULTANCY, S.L. is a firm whose main activity is tax advice and planning both within Spain and internationally. Our purpose is to give our clients an integrated service that not only plans but also carries out any necessary procedures to facilitate the client.
Our lawyers are members of the Colegio de Abogados de Barcelona and are specialized in tax law, accounting, and legal advice.
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The sanctions regime for operations with related entities refers to the lack of documentation of operations with related entities. It is...
Transfer pricing regulations are based on the principle of free competition or also called the "Arm's Length principle". This principle...
The regulation of the Deduction for research and development activities (hereinafter, "Deduction for R&D") is regulated in article...
Judicial decision No. 254/2022, of 03-01-2022, has recently been published, in which the Supreme Court (“Tribunal Supremo”) provides...
Does the new ruling of the EUCJ on Form 720 imply the elimination of the Form? Am I no longer required to file?
No, the form must be submitted anyway. The only thing that the Spanish government will have to modify based on this ruling is the graduation of the sanctions of this form and the prescription of profits derived from assets and rights abroad.
If I received a sanction for Form 720 or I am currently with an open sanctioning file, can I invoke this ruling of the EUCJ?
Yes, this ruling is effective from the time the rule that approved Form 720 came into force, therefore, you can appeal the sanction based on this ruling.
Does the EUCJ ruling on Form 720 imply the immediate repeal of the Spanish regulations that regulate this form?
No, the EUCJ ruling establishes that the Spanish regulations are disproportionate in terms of specific aspects of form 720 (grading of sanctions and prescription), but the Spanish government must soon amend the regulations to adapt to EU case law.
If I have cryptocurrencies, am I obliged to submit Form 720? Does the new EUCJ ruling affect the incorporation of cryptocurrencies into this form in any way?
Since this year, Form 720 incorporates cryptocurrencies as a new category to declare, to which the same thresholds are applied. Therefore, if on 12/31/2021 you had more than €50,000 in cryptocurrencies in exchanges outside of Spain, you must include them in the form. Again, this ruling of the EUCJ does not modify the obligation to declare cryptocurrencies, but only the possible sanctions that could be derived.