Friday Mar 10, 2023 - Spain - Tragedy at potash mine, Algeria's blockade costs Spain 930 million euros, New tax rules

These are the trending news headlines in Spain on Friday March 10, 2023

Tragedy has struck at a potash mine in northeastern Spain, where three geologists lost their lives in a tunnel collapse. The incident occurred around 8 a.m. on Thursday at the Cabanasses de Súria mine, operated by ICL Iberia, and located 80 kilometers northwest of Barcelona. The victims, aged 28, 29, and 31, were inspecting an interior area of the mine at a depth of 900 meters when the collapse happened. Rescuers recovered their bodies several hours later. Two of the victims were postgraduate students. The incident is being investigated, and a judicial probe has been launched.

Algeria's blockade on Spanish imports and exports has cost Spain a staggering 930 million euros, according to the Ministry of Industry. The blockade has been ongoing for nine months, and Madrid is seeking financial aid from the EU to compensate for its losses. Trade between Algeria and Spain has decreased by 84%, impacting Spanish businesses that previously had a significant market in Algeria. The Spanish government is initiating contact with the European Commission to put an aid plan in place and diversify its markets. However, the EU's focus on the Russia-Ukraine war and securing gas deals with Algeria may mean little diplomatic action is taken.

The Tax Agency in Spain has announced a stricter Tax Control Plan for 2023 to deal with foreign residents who either do not declare their income or declare as non-residents. The plan reinforces controls against the fraud variant of false non-residents, aiming to combat those who spend more than 183 days in Spain and pay the Non-Resident Income Tax IRNR instead of the IRPF Personal Income Tax. Tax lawyer Isaac Abad warns that the agency has detected a large amount of fraud in this sector and is ready to combat it with the large amount of information it has available.

The guidelines also reinforce the need to act on economic activity holders using 'virtual payments', with a special focus on the use of virtual currencies. The Tax Agency will intensify control over areas and business models where there is a risk of a shadow economy, with a special focus on construction, rehabilitation, and refurbishment of real estate.

Isaac Abad advises any foreigner who owns property in Spain or who has any sort of income to consult a qualified tax lawyer to take care of their tax returns.

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