In recent years there has been an intense debate on the fiscal regime applicable to Spanish SICAV. The measures contained in the recently published Draft Law on General State Budgets for 2019 have important consequences on these entities, which must be analyzed by their shareholders in order to seek alternatives for action.
El aumento y la materialización de determinados riesgos para el crecimiento mundial a lo largo de 2018 han reducido las perspectivas para los próximos años. En el ámbito europeo, el Brexit va a seguir constituyendo durante 2019 el principal riesgo político al que se enfrenta la región. Las estrategias empresariales para afrontarlo difieren necesariamente en función del escenario considerado. Entre ellos, hay que contar con la posibilidad de un Brexit duro en 100 días.
The Government has publicized several draft laws on tax matters, which will be completed with budget bill for 2019, including upward changes in Corporate Tax. The intention of this tax adventure is the financing of public spending, reckless in domestic and European terms. The changes are not certain, because they need parliamentary maneuvers not discussed here.
The Spanish economy is immersed in a downturn phase of the expansive economic cycle, with more moderate variation rates. According to estimates in Equipo Economico, GDP will grow 2.6% in 2018 and 2.2% in 2019. These figures mean a downward revision with respect to our previous estimates, as a result of the change in external tail winds, lack of economic reforms since 2016 and the uncertainty generated in the last months by the messages on economic, budgetary and fiscal matters.
The fact of introducing an anonymous author in certain way is often used in narrative. But in this case I was highly inspired by the announcement of a minimum tax for corporations, due to such low effective rate observed in these entities in recent times, particularly in big corporations. As this note is inspired by traditional fables and parables, its aim is no other than giving a value judgment, meaning that it might not be shared neither agreed by all readers.