Spain
Overview of CbC reporting requirements
Spain has implemented the BEPS Action 13 (CbC reporting) minimum standard with two recommendations for improvement.
First reporting fiscal year: Commencing on or after 1 January 2016
Consolidated group revenue threshold: EUR 750 million
Filing deadline: 12 months following the end of the reporting fiscal year
The domestic legal and administrative framework
It is recommended that Spain amend its legislation or otherwise clarify that the annual consolidated group revenue threshold calculation applies in a manner consistent with the OECD guidance on currency fluctuations in respect of an MNE Group whose Ultimate Parent Entity is located in a jurisdiction other than Spain, when local filing requirements are applicable. This recommendation remain from the 2017/2018 peer review.
It is recommended that Spain amend its legislation or otherwise clarify the definition of a Constituent Entity to be included in a CbC report in a manner consistent with the terms of reference. This recommendation remains form the 2017/2018 peer review.
Spain’s 2019/2020 peer report recommended that Spain take steps to amend its legislation or otherwise clarify that local filing is only required in the circumstances contained in the terms of reference. Spain has made a legislative change and this recommendation is removed.1 2
The exchange of information framework
Spain confirms that its rules have not changed and continue to be applied effectively. Spain continues to meet all terms of reference.
Appropriate use of CbC reports
Spain confirms that its rules have not changed and continue to be applied effectively. Spain continues to meet all terms of reference.
Notes
← 1. Spain’s 2017/2018 peer review included a monitoring point on the potential exclusion of companies which are not required to produce consolidated financial statements from the filing requirement with respect to the absence in the definition of a "dominant company" of the “deemed listing provision”. This monitoring point remains in place.
← 2. Spain’s 2017/2018 peer review included a monitoring point with respect to the absence of a provision relating to the “Source of data” to complete a CbC report. This monitoring point remains in place.