Spain adopts a plan for more tax transparency
Recently the Secretary of State for Taxation announced that Spain will also adopt the Country by Country recommendations as currently worked out by the OECD. This announcement comes shortly after a similar statement from the UK government.
The Country by Country reporting requirements will result in much more transparency and information to tax authorities, since taxpayers most likely need to inform the tax authorities about:
- The amount of revenue and profit and corporate tax that is paid in each country
- Overview of the business set up in each country (employees, tangible assets)
- Overview of the business activities in each country
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