The European Commission has formally told Spain to abolish 25% tax credits
offered to Spanish companies investing abroad, claiming these benefits break
European Union competition laws. Brussels has given Madrid one month to agree.
A formal inquiry would be opened: the first stage of legal infringement
proceedings that could lead to the European Court of Justice. Noting ‘these
long-standing incentives…seriously distort trade and competition in the single
(European) market, EU competition Commissioner Neelie Kroes said: ‘I would not
hesitate to act in case Spain does not fully comply with these recommendations’.
The scheme offers Spanish companies 25% tax breaks for investments
establishing foreign branches, acquiring substantial foreign shareholdings and
exploring or penetrating new overseas markets to benefit Spanish exports.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...