The Law provides for a wide range of exemptions, mainly to leave outside the scope of the TFT certain transactions relating to the primary market or necessary to ensure the adequate functioning of the markets. the acquisition for consideration of the above securities, as a result of the conversion or liquidations of convertible bonds or derivative financial instruments or any other financial instrument or contract. the acquisition, for consideration, of deposit certificates (such as ADRs or GDRs) representing shares, which fulfill the conditions set out in the preceding paragraph, regardless of where the entity issuing such certificates is established.ģ. The list of all companies whose market capitalization value as of 1 December each year exceeds 1,000 million euros will be published in the Spanish Tax Authorities web-page before 31 December of the preceding year.Ģ. the acquisition, for consideration, of shares in Spanish companies, regardless of the place of residence of the parties intervening in the transaction and provided the following conditions are met: (i) the shares must be listed in a regulated market in Spain, the European Union or an equivalent regulated market of a third country, and (ii) the market capitalization value of the company must exceed 1,000 million euros, as of 1 December of the year preceding the acquisition. In general terms, the tax is directed at:ġ. A brief summary of the most important aspects of this tax follows. The preamble to the law states that the features of the Spanish TFT are consistent with those of similar taxes enacted in other States within our economic environment, such as Italy or France. The Spanish Tax on Financial Transactions (" TFT") is a new indirect tax, which will be payable as from 16 January 2021 (3 months as from the date of publication of the corresponding law in the Spanish Official Gazette).
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