On 9 March, the presentation of the project undertaken by Fundación Impuestos y Competitividad on Transfer Tax and Stamp Duty concluded with the third and final session organised to this effect in which special attention was paid to “the impact of transfer tax and stamp duty on financing operations”
The session took place on the premises of CECA, located in calle Caballero de Gracias 28-30 (Madrid), in an act organised jointly with the Foundation, CECA and AEB; entities which have participated actively in the roundtables held for the development of the project, and which with the signing of two Collaboration Agreements with Fundación Impuestos y Competitividad, have contributed to the financing of the project.
Following a brief introduction by Mr Juan de Villota, Director of Tax Advisory Services at CECA, and Mr Ginés Navarro Fernández, Managing Director of Fundación Impuestos y Competitividad, the event featured the following presentations:
- Taxable person for the purposes of Transfer Tax and Stamp Duty within the framework of financing operations, delivered by Mr Juan Manuel García Rojas, from Deloitte.
- Other issues relating to the tax on transactions evidenced by legal documentation within the scope of financing operations, delivered by Mr Gonzalo Rincón de Pablo, from Garrigues.
- Transactions evidenced by legal documentation, commercial documents: review and update of the sub-modality, Delivered by Ms Rebeca Rodríguez Martínez, from Cuatrecasas.
Immediately after, a discussion, moderated by Mr Juan de Villota and Ms Carmen González Gallego (AEB), took place with the participation of all the speakers and Mr Javier Pérez Fadón Martínez, who was Deputy General Director for Wealth Tax at the DG for Taxation for many years and who collaborated on the project being presented as author of one of its chapters.
The discussion addressed issues relating to the financial sector, such as: the legal modifications concerning the status of taxpayer in mortgage financing operations and the non-deductibility of the tax for lending institutions; the recent rulings delivered by the Supreme Court on the determination of the tax base for the tax on transactions evidenced by legal documentation in respect of financial operations; or the impact on costs relating to the business activity of the tax on commercial documents. General issues were also addressed such as the new reference value and to what extent this could serve to reduce existing litigation as regards valuations. Likewise, reference was made to the recent “White Paper for Tax Reform”, specifically to the proposal to eliminate the exemption from VAT on financial operations and the opportunity that this would entail when addressing issues of adjustment between VAT and Transfer Tax (tax on capital transfers made for valuable consideration), a frequent source of conflict and even a deterrent to certain business operations, not exclusively financial, such as universal transfers of goods or the exemption of second transfers of property.