Archives: December 2006
Tue Dec 05, 2006
NEW LAW TO PREVENT TAX FRAUD AND MONEY LAUNDERING EFFECTIVE FROM 1ST JANUARY 2007
Law No. 36/2006, dated 29th November concerns measures for the prevention of tax evasion (BOE 30-11-2006). In view of the new rules, it is worth bearing in mind that:
1. The legal representative of non-resident companies based in tax havens can be considered jointly liable for tax debts
2. Non-residents must appoint a tax representative to act on their behalf in relation with their tax obligations in Spain
3. The identification number for foreigners (NIE) is now compulsory in all property transactions
4. Deeds of purchase and sale must enclose proof of payment of the price
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SPANISH NOTARIES MUST NOW COOPERATE WITH THE POLICE TO PREVENT MONEY LAUNDRY
New laws and regulations have been enacted in Spain recently to prevent money laundry. All Spanish notaries must cooperate and denounce any suspicious activity to the new their own official department at Notaries association "Órgano Centralizado de Prevención (OCP), from "Consejo General del Notariado"
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