I.- EINLEITUNG
Am vergangenen 30. Oktober 2012 wurde im spanischen Amtsblatt das Gesetz 7/2012, vom 29. Oktober, über die Änderung der Steuer- und Haushaltsgesetzgebung und über die Anpassung der Finanzregulierung zwecks Verstärkung der Bekämpfung und der Vorbeugung von Betrug, veröffentlicht. Dieses Gesetz, das am Tag nach seiner Veröffentlichung in Kraft trat, modifiziert unter anderen den Artikel 108 des spanischen Wertpapierhandelsgesetzes (Gesetz 24/1988, vom 28. Juli).
II.- MODIFICATION TO ARTICLE 108 OF THE SMA
Before the modification, the first epigraph of article 108 of the SMA stipulated that the transfer of participations and/or shares, whether admitted to negotiation in an official secondary market or not, are exempt of Value Added Tax (“VAT”) and Tax on Capital Transfers and Documented Legal Acts (“TCT).
As an exception, up until now the second epigraph of the same article stated that the transfer of securities shall not be exempt of VAT or TCT when the securities or transferred or acquired shares in a primary or secondary market represent aliquot parts of the share capital of companies where at least 50% of their assets are composed of real estate property located in Spanish territory, or the assets include securities which may allow the company to exercise control over another entity with identical characteristics.
With the modification introduced by Law 7/2012 the transfer of participations and/or shares in a secondary market (thus eliminating transfers in primary markets) shall be subject to the tax corresponding to an onerous transfer of real estate property “where transfers of securities may be intended for the evasion of the payment of the tax imposed on the transfer of real estate properties belonging to the entities representing said securities”. In summary, except where there is proof to the contrary, it is presumed that actions are taken with the intention of evasion when obtaining the control of an entity with at least 50% of its assets being real estate properties situated in Spain and which are not used for commercial or professional activities. The aforementioned shall also be applicable when obtaining the control of an entity, which in turn exercises control over another entity with the characteristics stated above.
III.- CONCLUSION
With the referred to modification, the drafting of article 108 of the SMA has been simplified and has changed from being an objective regulation to an anti-evasion regulation which admits proof to the contrary.
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17. Dezember 2012
