Spain further restricts tax loss carryforwards

July 2012


The Spanish government recently passed several measures to stabilize the budget and encourage competitiveness. The legislation introduced, among other measures, an additional restriction on tax loss carryforwards by large Spanish companies. This measure will apply to tax years commencing in 2012 and 2013. In addition, Spanish VAT rates will also increase effective September 1, 2012 (from 18 percent to 21 percent for the standard rate).

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