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Spanish Lower House Reapproves Law for Ratification of BEPS MLI

On 1 October 2020, the Spanish Congress of Deputies (lower house of parliament) reapproved the law for the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The MLI was previously approved in February 2019, but a second approval became necessary following the dissolution of the parliament in March 2019. Once the internal ratification process is complete, Spain will need to deposit its ratification instrument to bring the MLI into force for its covered agreements (tax treaties).

The MLI will generally enter into force for a particular covered agreement on the first day of the month following a three-month period after both parties to the covered agreement have deposited their ratification instruments. For the MLI to become effective, Spain has made the reservation that it must first deposit a notification that it has completed its internal procedures for the entry into effect of the MLI for a particular covered agreement. As such, the provisions of the MLI will generally apply for a covered agreement:

  • in respect of withholding taxes, from the first day of the next calendar year that begins on or after 30 days after the date of deposit of the notification by Spain (or by the respective counterparty if the same reservation is taken); and
  • in respect of other taxes, from the taxable period beginning on or after the expiration of a six-month period from 30 days after the date of deposit of the notification by Spain (or by the respective counterparty if the same reservation is taken).

Click the following link for Spain's provisional list of reservations and notifications at the time of signature. A definitive list will be provided when the ratification instrument is deposited.

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