Spain. Registration of Accounting Records and Book of Minutes
30 April 2018 is the deadline for certifying both accounting ledgers (general journal, inventory book and annual accounts) and commercial books (minutes book, partners or share registry book and contracts between sole director and single-member company registry book) for the 2017 financial year with the Commercial Register.
We would remind you of the importance of certifying each of the minutes books of the previous year, as only agreements included in certified minutes are considered valid. In fact, the law permits the accreditation of adopted corporate agreements where needed to prove their existence to official entities, authorities, other shareholders and third parties.
This is particularly important for subsidiaries, since a lack of documentation in record books may give the impression that the parent company or its board of directors is the real administrator of the subsidiary and hence there is no effective separation of assets or, consequently, responsibilities.
Certification of minutes is also very important for proving the existence and date of corporate agreements that do not have to be registered or which are not placed on the public record before a Notary Public.
Spain. Intrastat Declaration
Spain. Reduction of Intrastat formalities
Until 2017, the Order regulating statistical information to be contributed through the Intrastat system in Spain was that of 23 December 1992. Since this Order was approved, different Regulations have been approved with respect to European Union law (Commission Regulation (EC) 1982/2004 of 18 November 2004, Regulation (EU) 659/2014 of the European Parliament and of the Council of 15 May 2014, etc.) through to the establishment of the current Intrastat system.
With the aim of including all these changes in a single text and to provide clear, simple information to taxpayers on matters to be reported in their Intrastat declarations, a new Order dated 18 January 2018 took effect on 1 March this year, setting out in a single text the regulation of what is known as the Intrastat system.
For practical purposes, the only novelty in the 2018 Order is the elimination of the duty to include the statistical regime and loading or unloading port or airport in order to reduce the burden which the system imposes on taxpayers and make it compatible with obtaining the minimum information required based on statistical needs.
Copy of databases in Spain
The Spanish upreme Court confirms that copying databases is breach of Intellectual Property Law
Infonis, an important Spanish pharmaceutical marketing company, sued US-based multinational healthcare provider IMS in 2010 for copying its database.
The Supreme Court accepted the existence of database plagiarism based on the detection of mistakes to the point that it was impossible for them to have been made by both firms. The court found it was no coincidence that the two companies had made exactly the same errors and spelling mistakes in such a large amount of data.
The ruling shores up Big Data protection and brings peace of mind to companies operating with large volumes of information.
Madrid. Tax rebate on purchasing property for industrial activities
Tax rebate on purchasing property for industrial activities in certain municipalities in Madrid remains in force in 2018
In 2015 the Community of Madrid introduced a 95% tax rebate on the purchase of property where industrial activities were or would be developed in the municipalities of the Henares Corridor, south-east and south of the metropolitan area in order to encourage the development of industrial activities in the region.
The Community of Madrid General Budget has gradually extended the term of this attractive rebate and 2018 is no exception.
Spanish Public Contracts Act
New Public Contracts Act takes effect
In our November 2017 newsletter, posted on our website, we brought you the news of the impending approval of a new Public Contracts Act. Today we can confirm that the new Act took effect on 9 March, including the important new aspects we mentioned last year