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(Jul 30, 2010) Spain's Tax Forum of Big Companies, which comprises the National Tax Agency and 27 of the country's largest companies, approved a Code of Good Tax Practices on July 20, 2010. Spain is the first country to produce a code of this kind, according to the Agency. (Roberto Bernales, Spain: Tax Forum of Big Companies – Code of Good Tax Practices Approved, TAX NEWS SERVICE (July 22, 2010), International Bureau of Fiscal Documentation (IBFD) online subscription database; Roberto Bernales, Tax Forum of Big Companies Established, IBFD TNS ONLINE (July 16, 2009), http://online.ibfd.org/data/tns/docs/html/tns_2009-07-16_es_1.html#tns_2
009-07-16_es_1
.)

It is the stated that the common objective of the Code is that the relations between the Agency and the companies be constructive, transparent, and based on mutual trust. Under the Code, companies commit to "(i) the best corporate governance practices, (ii) transparency, (iii) cooperation in fiscal matters, and (iv) collaboration with the Tax Administration in detecting fraud." The Agency, for its part, is to "(i) provide more legal certainty in the application and interpretation of the tax rules, (ii) publish the criteria of general application, and (iii) establish criteria on the tax treatment of certain complex transactions." As a result of the commitments set forth in the Code, it is expected that litigation will be substantially reduced. (Spain: Tax Forum of Big Companies – Code of Good Tax Practices Approved, supra; Código de buenas prácticas tributarias [Code of Good Tax Practices] [in Spanish], National Tax Agency website, http://www.agenciatributaria.es/AEAT/Contenidos_Comunes/La_Agencia_Tribu
taria/Segmentos_Usuarios/Empresas_y_profesionales/Foro_grandes_empre
sas/CBPT_publicacion_web.pdf
(last visited July 28, 2010).)

Author: Wendy Zeldin More by this author
Topic: Taxation More on this topic
Jurisdiction: Spain More about this jurisdiction

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Last updated: 07/30/2010