Spain Lower House Passes Bill on Securities Tax Measures

The Spanish lower house of parliament (Congreso de los Diputados) March 16 passed Bill No. A-114-9, to establish various securities tax measures. The bill includes measures to: 1) exempt qualifying transfers of securities from VAT and transfer tax; 2) require the taxation of securities transfers done for the purpose of evading real estate transfer taxation; 3) provide rules for determining eligibility for the exemption from VAT and transfer tax; 4) require companies issuing securities, and financial intermediaries, to declare information on securities issuances, subscriptions, and transfers; and 5) establish rules for calculating the applicable tax base and rate for taxable ...