Spain Looks Abroad to Reduce Deficit at Home

The US is far from unique in aggressively seeking to tax its residents and companies on their offshore holdings -- Spain has adopted approaches strikingly similar to those of the US. For example, the Spanish Treasury, like the US Treasury, is using some of the following tactics: 1. broadening the ne...

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Bibliographic Details
Published in:Tax Management International Journal 2013-08, Vol.42 (8), p.467
Main Authors: Lederman, Alan S, Gómez, Mercedes Fuster
Format: Article
Language:English
Subjects:
Affiliates
Agreements
Conventions
Cooperation
Deficits
Financial institutions
Fines & penalties
Foreign Account Tax Compliance Act 2010-US
Income taxes
Names
Residents
Tax assessments
Tax legislation
Tax treaties
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Summary:The US is far from unique in aggressively seeking to tax its residents and companies on their offshore holdings -- Spain has adopted approaches strikingly similar to those of the US. For example, the Spanish Treasury, like the US Treasury, is using some of the following tactics: 1. broadening the network of countries that will respond to Spain's requests for tax information; 2. requiring other countries to respond to requests for information based on taxpayer behavior, and sizes and types of accounts, rather than naming specific taxpayers; 3. requiring other countries to automatically exchange tax information, rather than waiting for individual requests; 4. requiring residents to declare theft foreign assets annually, with large penalties for non-compliance; and 5. extending the statute of limitations for tax assessments relating to unreported foreign items.
ISSN:0090-4600
1544-0761