Taxable Events: Commercial and Administrative Documents

Commercial Documents

Bills of Exchange

Taxable Event: Refers to bills and documents that comply with a swivel function, i.e., remittance or money order.

Taxpayers: The drawer and others who draft documents issued.

Tax Base: Is rotated and takes the amount of the quota on a fixed scale.

Safeguards and Certificates of Deposit

Taxable Event: Issue or transfer of receipts or certificates of deposit.

Contributor: The issuer.

Tax Base: The nominal amount to determine the share, using the same fixed scale as for bills of exchange.

Form: Using a mobile ring (stamped paper can be purchased at newsstands). A receipt or certificate of deposit is a security issued individually and to the order. It concerns a bank deposit of a minimum amount, which is transferable and is the equivalent of one million euros, and whose minimum term is 6 months.

Financial Assets with Implicit Returns (up to 18 Months)

Taxable Event: Emission.

Taxpayer: The issuer.

Tax Base: Capital to repay.

Rate: Was set at the time in 3 pts. per 1000 pts., although at present, they are exempted under No. 15 of art. 45. 1 b of the revised 1993 (effective as amended).

Administrative Documents

Taxed in this concept are the notations in public records and titles of nobility and greatness.

Taxable Event: The notation in a public register of a right (subject to economic valuation) that is not officially requested by a Judge.

Taxpayer: The person who requests the notation.

Tax Base: The value of the right that is guaranteed.

Rate: 0.5%.

Management or Implementation

Rules in principle are common in TPO (Impuesto sobre Transmisiones Patrimoniales y Actos Jurídicos Documentados - Transfer Tax and Stamp Duty).

Duty to Self-Assess

The duty to self-assess the tax is borne by the taxpayer. The deadline for submission of the self-assessment is 30 days from the time of the taxable event.

Tribute Released

The transfer tax is a tribute given to the CCAA (Autonomous Communities). Therefore, the CCAA is responsible for exercising the powers of assessment, collection, and inspection. In the case of the Autonomous Community of Valencia, competence rests with the Ministry of Economy and Finance (Building PROP). Regarding the administrative structure, functions also have district offices mortgage liquidators in charge of land registrars.

Verification of Securities

The administration can check the real value of the goods subject to the declaration. Testing is an individualized assessment of a specific value that must be motivated by the administration. The proven value must refer to the time of the chargeable event.

The means of verification are those provided in the Tax Code in its article 57.

Regarding real estate, the reform of 2006 introduced as a means of testing, applying a multiplier on the rateable value of the property, which is the value of the property for the purposes of IBI (Property Tax, which is a municipal tax).

The traditional means of verification is the opinion of experts, which is a well-individualized assessment by an expert of the Administration. Characteristics of the opinion of experts are:

1. It must contain the characteristics of the good.
2. It should contain the methodology and the operations.
3. Its author (of the opinion) must have a technical degree appropriate to the nature of the good.

Against the settlement check, a complaint can be derived from the economic court to the Regional Administrative (TEAR) of the State.

Contradictory Expert Appraisal

Within one month from the notification of the test derived from the settlement that derives from the check, the taxpayer may request a contradictory expert appraisal. The procedure followed is the first stage to present a piece of appreciation (valuation) for the taxpayer's expert and present a piece of appreciation for the expert administration.

In the second stage, in case of a certain distance between the two valuations, a third expert shall be appointed. In the settlement that is ultimately based on practice, take at least a maximum declared value and the value shown. If the distance between the two tests is small, the settlement taken as a basis of the expert assessment of the taxpayer; The threshold that determines who should go to the third expert is that the difference is more than 10% of the taxpayer's expert's valuation and that in itself is more than 120,000 euros.