Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 92
Spain
supplies, intra EU acquisitions or imports of the goods listed in the annex of the Royal
Decree-Law 15/2020, for which the customers are public entities, non-profits and
hospitals.
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92
Company
law matters
Have any measures
been put in place
to accommodate
social distancing
(such as remote
general meetings)?
•
Suspension of assessment of VAT and of excise taxes on electricity and on
hydrocarbons on the bills for electricity, natural gas and oil products: Exemption from
any obligation to assess and pay VAT and, where relevant, the excise tax on electricity
and the excise tax on hydrocarbons relating to bills with suspended payment, until
the customer has paid them in full, or 6 months has run from the end of the state of
emergency.
•
Measures in relation to the CIT prepayments: Taxpayers with revenues of €600,000
or lower in 2019 will be entitled to calculate their CIT prepayments using the “tax
base method” before May 20, 2020 (deadline for filing the April prepayment for these
taxpayers, due to the extension of the period approved by Royal Decree-Law 14/2020).
Other taxpayers with net revenues of €6,000,000 or lower in FY19 will be also entitled
to calculate their following prepayments (October and December, 2020) using the “tax
base method”. This measure does not apply to any tax group taxed under the special
consolidated tax regime for CIT purposes.
•
Tax credits for donations: Taking effect from January 1, 2020, a higher tax credit is
available for donations made by individuals and by non-resident income taxpayers
operating in Spain without a permanent establishment.
•
Corporate income tax credit for investments in cinematographic productions and
audiovisual series: An increase of the tax credit percentages has been approved for the
investments and short films are included among the investments giving entitlement to
that tax credit.
•
Events of exceptional public interest: Additional events and programs of exceptional
public interest have been included for the purposes of the tax regime for not-for-profit
entities and on tax incentives for patronage.
•
For more information, please visit: COVID-19: Key new legislation introduced in Royal
Decree-Law 11/2020, Companies facing the COVID-19 crisis, and Spain interactive map
for COVID-19
•
egislation governing corporate bodies. The various pieces of legislation published
L
during the state of emergency, such as royal decree laws 8/2020, 11/2020 and 16/2020,
among others, together with statements by registrars and by the National Securities
Market Commission (CNMV), have created a new exceptional regime governing the
corporate bodies of commercial companies, which makes it necessary to structure this
new legislation by summarizing the measures and their implications depending on the
body concerned and dividing them into listed and unlisted companies.
Among the principal measures are, among others: shareholders’ and board of directors’
meetings may be held via video call even if it is not envisaged in the bylaws (including
the notary); modification of the obligatory term for the annual shareholders’ meetings
that now may be held in the ten months following the fiscal year-end; and the resolutions
of the board of directors may be adopted by voting in writing without a meeting even
if it is not envisaged in the bylaws, whenever the chairman so decides and with just 2
members in favour.
Government measures in key jurisdictions