Since July 10 of this year, Law 11/2021 was published in the BOE with new measures to fight against tax fraud and advocate for a transparent business system.
From this moment, certain regulations and important sanctions are established, which every company or legal entity with economic activities in Spanish territory must adopt and which directly affect both the internal market and the modification of tax laws (AEAT).
Although since the Anti-Fraud Law We only provide the advisory and audit service regarding its Article 201 bis, Law 11/2021, July 9: fight against dual-use software or capable of housing box B, as well as alteration of accounting, traceability, etc., we believe it is important to understand and understand the Anti-Fraud Law in its full magnitude to analyze the important executive and legislative collective effort promoted by the AEAT to stop, alleviate or end illicit economic activities.
Amendments to the 2021 anti-fraud law
Valuation of goods
The valuation of assets is one of the most important measures of this new anti-fraud law and includes the modification for tax purposes. Since this law came into force last July, the assets of any company or legal person must be valued at their market value.
The market value is understood as that which corresponds to the probable price for which it could be sold between two independent parties and without any charge.
In the case of real estate, its value will take the cadastral value as a reference. In this way, certain modifications are introduced in the Inheritance Tax and in the Property Transfer Tax.
In both, the market value of these assets is imposed, and in the case of real estate, the value of said market may not be less than the value offered by the cadastral reference.
As for the wealth tax, the reference value will be a criterion to take into account to establish the total value of the property.
According to the recent law, the fiscal benefit of succession agreements within personal income tax is maintained, but only in the event that the property is transferred a maximum of five years after the succession agreement.
If the 5 years are passed, it will only be mandatory to pay taxes for the ISD.
It should be noted that the measure will only be contemplated in the event that it is applicable to transfers of goods acquired after the entry into force of the new law. That is, after July 11, 2021.
Limited cash payments
When issuing cash payments, a limit of €2,500 is established. In addition, the limit is reduced from €15,000 to €10,000 for those individuals who have an external domicile at the national level.
In turn, the modifications in terms of penalty procedures are extended to all payments made after the entry into force of the law, even if the operation was ordered prior to this date.
The measures of the new anti-fraud law also include having greater control over the operation with digital currencies or cryptocurrencies.
It is mandatory to inform about the balance you have, as well as the name of the holders.
General Tax Law
Control in the Software with accounting.
Article 201 bis, Law 11/2021, July 9. The obligation to adjust any software with accounting to the requirements that guarantee the integrity, inalterability and traceability of the system and its records is introduced. This obligation came into force on October 11, 2021.
At this point of the Law we offer our services as expert CISA auditors, and judicial computer experts. We help any software developer or distributor to comply with the required requirements, for as long as necessary. More information about our audit and advisory services here .
Tax gender surcharges
Another of the modifications that the 2021 anti-fraud law brings together is the modification of the regime of surcharges for late filing without prior requirement.
In this way, a series of surcharges are generated, such as:
- Surcharge of 1% each month of delay up to a total of twelve months.
- Surcharge of a total of 15% from the day after twelve months.
Benefits in real estate
According to the regulations, a reduction of 60% is established to determine the net return on real estate capital if the property is for rent.
To date, the owner only had to declare that such property existed. From now on, the reduction in net income can only be applied if it has been calculated with the owner in a self-assessment submitted before the start of a verification procedure.
In addition, they will not be entitled to a 60% deduction if it has been calculated incorrectly. It is important that the user or injured party knows that this law will already take effect in the following fiscal year of personal income tax.
Article 9 of Law 11/2009 of October 16 is modified to regulate the Listed Limited Investment Companies in the Real Estate Market.
A 15% tax is introduced on the amount of the benefit obtained that is not distributed in the part that comes from:
Income not taxed under the general corporate tax regime.
Income that does not derive from a transfer of eligible assets, after 3 years and that have benefited from a reinvestment period of three years.
In addition, the information obligations in the annual accounts report are modified to introduce this tax.
In addition to the modifications mentioned above, others are included, such as:
The prohibition of extraordinary mechanisms of fiscal regulation that suppose some type of reduction in the tax debt is introduced.
The regulation on late-payment interest is modified to recognize that interest is not accrued on the return that is third party according to the regulations of each income or tax in a specific period.
A case of suspension of the computation is created within the period of inspection actions.
The cause of the end is modified in a management process that is initiated by the declaration according to those taxes paid for the importation of goods to adapt it to the current regulations.
The obligation to comply with the non-conformity report in case of issuing non-conformity minutes is eliminated, except when expressly required.
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