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DEADLINES FOR THE DRAWING UP, APPROVAL AND FILING OF ANNUAL ACCOUNTS (COVID-19)

I. Introduction In our previous information notes titled “EXTRAORDINARY MEASURES FOR LEGAL ENTITIES DUE TO THE STATE OF ALERT (I), (II) and (III)” we presented the extraordinary measures foreseen in articles 40 and 43 of Royal Decree-law 8/2020 of 17th March, applicable to private law legal entities as from said date, and wherein extraordinary measures (1), (3), (4) and (6)…

DIRECTORS WITH EMPLOYMENT CONTRACTS: DEDUCTIBILITY – SUBSISTENCE ALLOWANCES

The purpose of this article is to bring to light the recent doctrine of the Spanish Supreme Court regarding the justification of expenses such as allowances, travel expenses and ordinary subsistence expenses in the income tax return of the employee who receives them. The case resolved by Supreme Court judgment 429/2020 of 18th May addresses the issue of an employee…

REMUNERATION OF COMPANY DIRECTORS OR MANAGERS

On many occasions doubts arise as to how to correctly structure the remuneration of the members of the management body of a company. Attention should be paid to the three different levels of regulation of such remuneration: a) Company bylaws b) Approval by the general meeting c) Decision of the directors In accordance with the provisions of the Spanish Companies…

SHAREHOLDERS’ AND BOARD OF DIRECTORS MEETINGS HELD BY ELECTRONIC MEANS

The general rule established in the Spanish Companies Act (Ley de Sociedades de Capital – LSC) is the holding of meetings of the management body  or partners’/shareholders’ meeting through the attendance of their members or representatives, where the term “attendance” seems to incorporate, without specifically saying so, physical presence. This is confirmed by the fact that, exceptionally, article 182 of…

EXTRAORDINARY MEASURES FOR LEGAL ENTITIES DUE TO THE STATE OF ALERT (III)

I. Introduction In our previous information notes titled “EXTRAORDINARY MEASURES FOR LEGAL ENTITIES DUE TO THE STATE OF ALERT (I) and (II)” we presented the extraordinary measures foreseen in articles 40 and 43 of Royal Decree-law 8/2020 of 17th March, applicable to private law legal entities as from said date, and wherein extraordinary measures (1), (3), (4) and (6) were…