Regulatory Alerts2013-10-30
Law 16/2013, of October 29, establishing certain measures in environmental taxation and adopting other tax and financial measures
The Spanish State enacted Law 16/2013 to consolidate public finances by introducing significant corporate income tax reforms, including the non-deductibility of impairment losses on equity participations and negative income from foreign permanent establishments. The legislation also establishes a new tax on fluorinated greenhouse gases to promote environmental sustainability and modifies regulations regarding nuclear waste, collective investment institutions, and local taxes. Additionally, the law extends temporary fiscal measures for 2014 and 2015, updates rules for financial leasing, and creates a specific fiscal regime for the Bank Asset Management Society.
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