Spain enacts corporate tax reform

Spain has enacted major tax reform, including corporate tax reform, effective January 1, 2015, writes Deloitte in a December 2 alert.  The corporate tax changes include a reduction in tax rates for 2015 and 2016, anti-hybrid rules and other limitations on deductions, restrictions on the use of net operating losses, and changes to transfer pricing definitions, documentation, penalties, and valuation method hierarchies, writes Deloitte. For detailed discussion of the new law, see Deloitte. For a focused discussion of the transfer pricing changes, see Antonio Pina, @arms length.