where the acquisition is made on a trading venue, the taxpayer will be the member of the market that executes the transaction. the investment firm or bank making the acquisition on its own behalf.That said, the FTT Law provides further detail on which entity must file the tax return, again regardless of their place of establishment: In general, the purchaser of the relevant shares will be the taxpayer, regardless of their place of establishment. Taxpayer and case of joint and several liability Taxpayer The FTT Law provides for certain special rules to determine the amount of tax in those cases in which the acquisition of the securities is derived from the execution or settlement of convertible or exchangeable debentures or bonds, of derivative financial instruments, or of any financial instrument or contract, as well as in the case of same-day acquisitions and transfers. The FTT will be charged on the amount of the consideration for the acquisition, without including the costs and expenses associated with such transaction (e.g. The exemptions may be amended each year by the Spanish General State Budget Law. acquisitions of treasury stock covered by a repurchase program.acquisitions made between companies of the same corporate group and.acquisitions in the context of restructuring, provided that certain conditions are met.acquisitions carried out by market makers.acquisitions necessary for the proper functioning of the market, such as those in accordance with Regulation (EU) 596/2014 on Market Abuse.acquisitions carried out on the primary market (e.g.The following, among others, are exempted from the payment of FTT: acquisitions as a result of the settlement of any financial instrument or of certain financial contracts that are not covered by 1.acquisitions as a result of the settlement of derivatives, where this leads to the acquisition of the underlying and.acquisitions of shares or certificates of deposit resulting from the execution or settlement of convertible or exchangeable bonds or debentures. acquisitions for consideration of certificates of deposit representing taxable shares (e.g. The FTT will also apply to the following transactions: Other key acquisitions subject to the FTT This means that shares traded on a trading venue, on an MTF or OTF, or OTC will be subject to the FTT. The Spanish Tax Administration Agency is expected to publish a list of in-scope shares before 31 December each year.Īcquisitions of shares that meet the aforementioned conditions will be subject to the FTT regardless of how the share transfer is carried out.
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