New regulations for 2015

Act 20/2015, of 14 July, regulating the organisation, monitoring and solvency of insurance and reinsurance companies. (Official State Gazette of 15 September).

On 15 July 2015 Act 20/2015, of 14 July, has been published in the Official State Gazette, regulating the organisation, monitoring and solvency of insurance and reinsurance companies, and modifying, as from 01/01/16 the last paragraph of article 128.1 of Law 27/2014 of Corporation Tax, to read as follows:

“Likewise, insurance companies domiciled in another Member State of the European Economic Area that operate in Spain under the free provision of services regime will be required to withhold or pay into account relation to out in Spain.”

Previously, the party subject to withholdings or payments on account was the designated representative in accordance with article 86.1 of the revised text of the Act regarding the organisation and supervision of private insurance, in relation to operations carried out within Spain.