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Spain told to scrap corporate tax break |
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The European Commission has demanded that a tax break that fuelled a spate of Spanish international mergers and acquisitions during the credit bubble be abolished and some of the money refunded. Brussels claims that a corporate tax provision that allows Spanish companies to reduce their tax bills by writing off part of the acquisition costs is illegal under EU state aid rules.
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CAPITAL GAINS TAX REFUND CLAIM IN SPAIN |
SOLD YOUR PROPERTY IN SPAIN BEFORE 31ST OF DECEMBER 2006?
CLAIM BACK YOUR GAPITAL GAINS TAX OVERPAYMENT
In spite of EU regulations and cautions to Spain, at the peak of the real estate market EU citizens were charged a 35% Tax Rate by the Spanish Tax Authorities on Property Capital Gains, whereas residents in Spain were charged a mere 15%. Blatant discrimination of EU citizens prohibited by EU legislation and a 20% Tax overpayment.
Spanish tax law changed in 2007, but it may still be possible to claim reimbursement of this 20% overpayment on properties sold before the 31st of December 2006, going as far back as 2004. The legal background is overwhelming.
Fast action must be taken as due to the statute of limitations time is running out to submit any claim, and each day that goes by your case is one step closer to expiring.
Take Action NOW! If you sold a property in Spain prior to the 31st of December 2006 contact us to see if you are entitled to file a claim.
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Non residents in Spain who sold property in Spain before 31st of December 2006 and paid Capital Gains Tax at a rate of 35% or had their tax liability calculated at this rate and did not obtain full reimbursement of the 5% Withholding Tax. |
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Eligibility Requirements of a claim in Spain |
- You are an individual (it is the comparison of the different personal income tax laws applicable at the time to tax residents and non tax residents that makes this discrimination actionable. This is not the case if you sold the property as a company).
- You sold a property in Spain before the 31st of December 2006.
- You were Non Tax Resident in Spain at the time of the sale.
- You paid Capital Gains Tax on the proceeds from the sale or only obtained a partial refund of the 5% Withholding Tax.
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How and when to file a claim? |
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To initiate the claim our lawyers will require an engagement letter signed by all proprietors of the property sold, and that they be provided some basic information and documentation to verify your eligibility to file a claim. If it is deemed that you have a valid claim, in order to proceed our Lawyers will require Power of Attorney with the Hague Apostille to represent you before the Tax Authorties and file your claim and also to represent you before the Courts of Justice should Jurisdictional proceedings need to be initiated.
When to file a claim?
Any claim must be filed before the statute of limitations expires which must be examined case by case. |
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Tax Refund
