On December 2 2016, Spain's Council of Ministers introduced a new tax package which outlines an increase in corporate income tax revenue by reducing tax credits and exemptions.
The new legislation was published in the official gazette in December 2016 and will assist in the reduction of the Spanish budget deficit by raising tax revenue.
Within the new law a significant change, applicable from the 2017 fiscal year, is that losses from transfers of participations eligible for the Spanish exemption regime will no longer be considered as tax deductible.
The same will apply to companies registered in low-tax and zero-tax jurisdiction, as well as deductibles from the relocation of a permanent establishment held overseas by a Spanish corporate income tax payer.
Another new measure, effective from January 2017, seeks to challenge VAT fraud. The measure prevents taxpayers from requesting to pay excise charges in relation to withholding and chargeable taxes, such as VAT, or for advance expenses of corporate income tax by instalments. Taxpayers cannot apply to delay payment of these charges.
The tax authority has also published a new online reporting platform for VAT submissions, from July 2017 onwards.
Spain's wealth tax will stay in place until at least 2018, as plans to abolish this duty were suspended.
The economic recovery in Spain has picked up and surpassed predictions in 2017, also reflecting a more balanced growth pattern.
GDP has already exceeded pre-2008 levels and the IMF upgraded its growth prediction in July to 3.1% for 2017, up from 2.6% anticipated in a previous forecast.
"We are stable and in the middle of a strong economic recovery," said José Ramón Vizcaino, head of tax at Dentons. "I don't think the Spanish government will make any big changes soon."
ARCO Abogados y Asesores Tributarios
C. Roger de Llúria, 119 4° 2a
08037 Barcelona (Headquarter)
Phone: + 34 934 871 020
Main areas of focus:
Corporate Tax, Mergers & Acquisitions, Transfer Pricing, International Tax & Permanent Establishments, Indirect Tax, Private Clients, Global Mobility, Tax Controversy
Plaza Pablo Ruiz Picasso, 1
28020 Madrid, Spain
Tel: +34 91 582 09 00
Fax: +34 91 514 51 80
Luis Fernando Guerra
About the firm:
Deloitte Legal is one of the leading law firms in Spain with experience spanning over 40 years. Served by more than 650 professionals across the country, Deloitte Legal is notable for its comprehensive services offering. Its work has been widely recognised in the main legal directories and transactional analysts. The law firm was ranked among the top ten Spanish law firms by billings. Deloitte Legal is led by Luis Fernando Guerra, a partner with a solid track record in advisory services to financial entities. Luis Fernando co-ordinates the activity of the 54 partners and sets the direction that should be followed to keep up the growth rate achieved by the law firm in recent years, both regarding revenues and employee; last year nearly 62 professionals joined the team.
Through its multidisciplinary team, specialising in the main industries in the Spanish economy, Deloitte Legal delivers tax and legal advisory to major companies in Spain wherever they need it, thanks to its global network, Deloitte works alongside its clients in any of the 150 countries where the Firm is present. In the same way Deloitte can advise international companies wishing to operate in Spain. The Firm's main objective is to instill in-depth knowledge in its professionals, who are fully committed to the development of the different market industries.
As a result of the leading role that Deloitte Legal is currently playing as tax advisory, it has been awarded as the Best Spanish Tax Firm in the European Tax Awards 2017, hosted by ITR.
Other offices in Spain
A Coruña, Alicante, Barcelona, Bilbao, Granada, Huesca, Las Palmas de Gran Canaria, Málaga, Mallorca, Murcia, Oviedo, Pamplona, San Sebastián, Santa Cruz de Tenerife, Sevilla, Valencia, Valladolid, Vigo and Zaragoza.
Plaza Pablo Ruiz Picasso, 1
Tel: +34 915 727 200
Mediterranean Regional Tax Leader
Country Tax Leader
Tel: +34 915 727 482
Tax Market Leader
Tel: +34 915 727 485
Business Tax Services
Tel: +34 91572 74 14
Víctor Gómez de la Cruz
Tel: +34 915 727 385
Tel: +34 915 727 408
Global Compliance and Reporting
Tel: +34 915 72 77 17
Tel: +34 915 727 889
Tel: +34 915 727 421
Tel: +34 915 727 485
Email: ramon.palacinsotillos @es.ey.com
International Tax Services Core
Tel: +34 915 727 570
Tax Accounting and Risk Advisory Services (TARAS)
Juan Angel Cobo de Guzmán
Tel: +34 915 727 443
Tel: +34 915 727 383
People Advisory Services (PAS)
Tel: +34 915 674 077
Operating Model Effectiveness
Tel: +34 915 7272 93
Felix Plasencia Sanchez
Tel: +34 915 727 504
28001 Madrid, Spain
Tel: +34 91 514 52 00
Fax: +34 91 399 24 08
Executive Chairman and Managing Partner: Fernando Vives
Senior Partner: Ricardo Gómez
Head of Tax: Eduardo Abad
Number of professionals: 1,420
*As of 31 December 2016
Other Offices in Spain:
A Coruña, Alicante, Barcelona, Bilbao, Las Palmas de Gran Canaria, Málaga, Murcia, Oviedo, Palma de Mallorca, Pamplona, San Sebastián, Santa Cruz de Tenerife, Sevilla, Valencia, Valladolid, Vigo, Zaragoza.
Other Offices Worldwide:
Bogota, Brussels, Casablanca, Lima, Lisbon, London, Mexico City, New York, Oporto, Pekin, Santiago de Chile, Shanghai, São Paulo, Warsaw.
Garrigues belongs to and is a founder member of Taxand, the first global organisation providing access to over 2,000 leading tax advisors and more than 400 partners across nearly 50 countries.
Tax practice areas:
Juan Reig, Eduardo Abad
Ramón Tejada, Eduardo Abad, Miriam Barrera
Juan Luis Zayas, Juan Reig, Gonzalo Gallardo
José Vicente Iglesias
José Manuel Vázquez, Pedro Fernández, Pablo Torrano
Human Capital Services
Salvador Espinosa de los Monteros, Eduardo Gómez de Salazar
Eduardo Abad, Jorge Moreira, Ignacio Calvet
Luis M. Viñuales, Vicente Bootello, Albert Collado
Ramón Tejada, Jorge Moreira
Mergers & Acquisitions
Ricardo Gómez, Juan Luis Zayas, Pilar Navalón
Juan Reig, Javier de Rojas
Ignacio Guerra, Manel Maragall, Miguel García
Ignacio Guerra, Abelardo Delgado, Eduardo Gardeta, Esther Zamarriego
Felipe González, Mario Ortega, Sandra Royo
Value Added Tax
Tax Corporate Governance
Ricardo Gómez, José Vicente Iglesias
EU Tax Law
Languages: Arabic, Chinese, English, French, German, Japanese, Italian, Polish, Portuguese and Spanish.
Edificio Torre Europa
Pº de la Castellana, 259 C
Tel: +34 91 456 34 00
Managing Partner KPMG Abogados
Senior Partner KPMG Abogados
Over 750 professionals in 12 main Spanish cities
Corporate Tax Services
Julio César García, Itziar Galindo, Carlos Heredia, Fernando Marcos, Nicolás Sierra, Leopoldo Delgado
Customs and Indirect Tax
Natalia Pastor, Maite Vilardebó, Juan José Blanco
Global Transfer Pricing
Montserrat Trapé, José Diaz-Faes
International Corporate Tax
Carolina del Campo, Jose Antonio Tortosa, Carlos Heredia
Merger & Acquisitions
Carlos Marin, Joaquim Torruella
Outsourcing & Compliance
Miguel Arias, Marc Basomba
Miguel Arias, Sergio Gonzalez Anta
EU Tax Law and Tax Litigation
Julio César García
Rafael Fuster Tozer, Jesús López Tello, Rafael García Llaneza, Guillermo Canalejo Lasarte, Víctor Viana Barral, Miguel T. Cremades Schulz, Gloria Marín Benítez, David López Pombo
Avenida Diagonal, 514
Tel: +34 93 416 51 00
Fax:+34 93 416 51 11
Luis Viñuales, Miguel Morales and Carlos Durán
Bilbao, Valencia, London, Brussels, Lisbon, Porto, Frankfurt, New York, Buenos Aires, Mexico City, Lima, Santiago de Chile, Bogotá, São Paulo, Beijing.
|Corporate Income Tax||25%||A|
|Net Operating Losses (years)|
|Carryforward||0||Without time limit||F|
|Royalties from, for example, patents, know-how||0%||24%|
|Branch Remittance Tax||0%||19%|
A) Under Corporate Income Tax ("CIT") Law, the general CIT rate is 25%.
B) Under Non-resident income tax Law, capital gains (obtained not through a PE) are taxed up to 19%. An exemption regime is granted subject to the fulfilment of certain requirements.
C) A general branch tax rate is applicable to non-residents with a permanent establishment (PE) in Spain. Permanent establishments are taxed at the same rate as domestic companies commented in letter (a) are. In addition, a 19% branch profit tax is imposed on after-tax profits remitted to a foreign head office. This tax is not chargeable according to the provisions of most tax treaties. In addition, branch profit tax does not apply to (i) branches of EU entities (except tax havens) and to (ii) branches of entities resident in a country that has signed a tax treaty with Spain which does not expressly provide otherwise, provided that there is reciprocal treatment.
D) The higher rate applies unless it is reduced under a tax treaty or exempt under the EU Directives for interest, dividends and royalties.The general tax rate for non-residents (obtaining income not through a PE) is 24%. This general tax rate is not applicable to dividends, interests or capital gains, but to other income. In the case of companies resident in EU country, the general tax rate is 19%.
E) Dividends distributions to residents of other EU member states benefit from an exemption if the foreign parent company has continuously held a minimum of 5% of the share capital of the Spanish company for one year before the dividends are declared or the acquisition cost of the holding in the company was higher than €20 million. Certain anti-abuse measures may apply.
F) In general, Tax Authorities are allowed to review tax loss carryforwards within 10 years from the end of the filing period for the tax return in which those tax losses were generated.
Partner Carlos Albinana is a key contact at Allen & Overy. He has more than 20 years of experience in tax. The Madrid office was established in 1991, and the team is also present in Barcelona.
The team assists clients in corporate taxation, banking, finance and capital markets, litigation and arbitration, antitrust and European law, employment law and public law.
Carlos Gabarró is the head of tax at Altalex. The practice offers tax and legal advice in four main areas: international, private and corporate wealth, entrepreneurship and M&A.
Clients are predominantly multinational corporations working within the sectors of real estate and tourism.
Partner Maria Manzano joined office in Barcelona in June 2016. She has a Big 4 background and often advises medium-sized companies and major multinationals on their tax issues locally and overseas.
Francisco Franch leads a team of five partners and 28 other professionals at Arco Abogados, a Spanish member of WTS Alliance.
The firm assist clients in the sectors of energy and utilities, financial services, fast-moving consumer goods (FMCG), hospitality and tourism, manufacturing and healthcare.
The team advises domestic and international clients on a broad range of tax and transfer pricing issues.
Eduardo Gracia manages the tax team at Ashurst in Spain. The team comprises two partners and six additional experts. There are five experts in indirect tax, five dedicated to corporate tax, three within disputes and one more concentrating on compliance and accounting.
Gracia and counsel Jorge Ramírez advised Chequers Capital in February 2017. The team advised on the €600 million sale of Accelya Group to American fund Warburg Pincus. The transaction entailed the transfer of shares and securities in parent company Acecelya Holding, based in Luxembourg, by its shareholders along with Chequers Capital XV, as well as analysing and refinancing the group.
Gracia, Ramírez and associate Beatriz Unceta-Barrenechea advised Bank of America Merrill Lynch and capital management group Davidson Kempner in May 2017. The team analysed different tax structures relating to the acquisition from Apollo of a portfolio of performing and non-performing loans.
Baker McKenzie's tax team comprises three of counsel, 10 partners and 33 lawyers, spanning offices in Barcelona and Madrid.
The Madrid office is led by partner Rodrigo Ogea. Ogea serves on the Europe Tax Transactions Group steering committee.
The office in Barcelona is headed by partner Esteban Raventós. Raventós has worked in the firm's Barcelona and Chicago offices and he is one of the five members the Global Financial Committee.
Director Jaime Martínez-Íñiguez advised Prosegur Compañía de Seguridad, a Spanish multinational security company, in March 2017. The team advised on a $919 million corporate tax case related to the structuring of the initial public offering (IPO) of Prosegur Cash, the client's cash-in-transit unit. The team assisted in pre-IPO restructuring and related tax issues.
The team has expertise in the following areas: transactional tax planning, global reorganisations, post-acquisition integration projects, tax litigation, private equity and venture capital, indirect taxation and customs duties, transfer pricing, real estate taxation, wealth management, employee benefits and general ongoing tax advice related to direct and indirect taxation and customs duties.
Baker Tilly's headquarter in Spain is based in Barcelona. The team often advises local and international clients, and uses its international network to give clients cross-border insight.
Partner Javier López-Guerrero de Vivar, who joined the firm in 2011, is president of the Spanish practice.
The team is proficient in corporate and individual tax, accounting, international tax, indirect tax, tax litigation support, double tax mitigation and advice on EU rulings. The team is very experienced with advising clients from the pharmaceutical industry.
Partner Pablo Serrano de Haro is the head of the tax department at Clifford Chance in Madrid. His main practice areas are international taxation, M&A, real estate, finance and tax litigation.
The firm offers clients a range of tax services, notably corporate tax, M&A and joint-venture tax, cross-border transactions, corporate restructuring, demergers, IPOs and secondary offerings, private equity, transfer pricing and indirect tax.
The firm advises clients from a range of industries including economic services, trade, industrial and FMCG.
Partner Alejandro Escoda is the head of the tax department at Cuatrecasas in Spain. Clients are predominantly large Spanish corporations.
The team comprises 70 partners and 250 additional professionals. The team mainly concentrates on corporate tax, where 120 professionals are dedicated to this department. Marta Álvarez, Óscar Bertrán, Jorge Guerrero and Salvador José LLopis were internally promoted to partners in the past year.
Associate tax lawyer Marta López Tamayo advised Centerbridge Partners and Maestre Energy Management on the corporate tax aspects of an M&A deal in December 2016. The $763 million deal related to the sale of Vela Energy Group, the owner of 43 solar parks, to Sonnedix, an investment group in the renewable energy sector owned by JP Morgan Asset Management.
María Concepción Bargalló assisted rubber and plastic products producer Cikautxo in June 2016. The team advised on the application of the China-Spain double taxation treaty to the client's current and future projects in China. The team provided analysis which covered intra-group, cross-border transactions, direct and indirect taxes and permanent establishment exposure in China.
Partner Jorge Pecourt advised Euroleague Basketball in a $1.1 billion corporate tax case June 2016. The client was advised on legal and tax matters related to the joint venture with IMG Media to manage on the production and exploit of audio visual rights.
Brian Leonard leads Deloitte's tax branch in Spain. Leonard joined the UK team in 1991 before joining the Madrid office in 1998. He was promoted to partner in 2006. The team comprises 40 partners and 420 additional experts.
Partner Borja Escrivá de Romaní worked with director Javier Pérez-Olivares and principal associate María Pérez Aguilar in September 2016. The client was Global Infrastructure Partners (GIP), an infrastructure investment fund which operates in equity and debt investments. The team advised GIP on the purchase of a 20% stake in Barcelona-based company Gas Natural. The $4.3 billion share was purchased from shareholders Repsol, Spain's largest oil corporation, and Criteria Caixa, a financial company.
Partner Isabel López-Bustamante and director Pablo Renieblas assisted Securitas Direct, a security company based in Malmö, Sweden, in December 2016. The team assisted in a project focused on the optimisation of indirect tax burdens in relation to customs-specific regimes. Specifically, the team analysed the client's operational export flows of goods from Israel, China and South Korea to South American countries, taking into account global customs regulations and consequently saving the client $1.8 million per year.
José Ramón Vizcaíno is the partner-in-charge at Dentons. He works with a team of five professionals. Two work in indirect tax, two concentrate on corporate tax and one is dedicated to disputes.
Vizcaíno, junior associate Ignacio Alvarez Lapeira and lawyer Diego Carrera advised Rialto Capital Management in December 2016. The corporate tax case consisted the listing of Al Breck SOCIMI in the Spanish regulated alternative market.
Senior associate Alfonso López Muñoz, Vizcaíno and Lapeira are advising several clients in a $5 million deal. The team has filed several appeals on behalf of real estate clients in order to achieve a tax refund on the increase in value paid on the sale of real estate assets.
Partner Carlos Rodríguez is the head of tax at DLA Piper in Spain. He joined the firm in 2006, and has more than 20 years of experience advising on tax issues. He is particularly proficient in assisting clients in international tax planning for foreign investments in Spain, as well as for Spanish investments abroad.
Clients are local and international private and public corporations and multinationals.
The team is knowledgeable in representing clients in compliance matters, reviewing their tax practices and audits and ensuring methods are up to date and acquiescent with Spanish and international legislation.
EY's tax team is managed by tax legal partner Federico Linares. The team consists of 38 experts and 584 additional experts.
Partner Araceli Saenz de Navarrete advised two clients on the sale of their joint share, worth €1.8 billion ($2.1 billion), in a company, to two investment funds. The company is a business-to-business operator, providing services to support the mutual fund distribution activities of more than 530 clients across Europe, Asia and South America.
Partners Eduardo Verdún and Fulgencio García advised a multinational e-commerce company in March 2017. The team assisted in a €300 million indirect project which related to strategy management of GST and VAT of ticket marketplaces in more than 50 jurisdictions. The team proposed that the EU Commission abridge regulations and adopt a consistent approach to e-commerce services.
A key contact at Freshfields Bruckhaus Deringer's Madrid office is managing partner David Franco. He is practices in domestic and cross-border M&A, joint ventures and transactional corporate work for a range of listed and unlisted clients.
The firm's client base consists of domestic and global multinational enterprises active in sectors such as finance, energy, infrastructure, private equity, general industries and real estate.
The firm assists clients in corporate income tax, global tax planning, transactional tax, spin-offs, joint ventures, IPOs, equity and debt capital markets, tax litigation and representation before the tax authorities.
Garrigues, Taxand Spain's tax branch is headed by partner Eduardo Abad, who joined the team in 1996. The team comprises 90 partners and 331 tax experts.
Since 2016, the firm has focused on developing three specific practice areas: financial, including financial institutions, operations, structures and tax implications; real estate and the Spanish real estate investment trust (REIT) regime; and international, such as South American investments in multinational groups.
Partners Javier de Rojas and Guerreiro advised Dutch investment company HCI investments B.V. on corporate venture capital (CVC) funds in January 2017. The case concerned the sale of healthcare group Quirónsalud by CVC funds to global healthcare company Fresenius.
Partner Javier Vinuesa is a key tax contact at Gómez-Acebo & Pombo. He joined the firm in 2009.
The tax team advises clients in a range of sectors including economic services, infrastructure, oil and gas, insurance and energy.
Professionals at the firm are highly competent in several key areas of tax and clients value them for their expertise and experience in M&A, transactional tax, corporate tax and tax litigation.
Felipe Alsono and Ernesto García-Trevijano Castillo are the founders and leaders of GTA Villamagna.
The founders both have more than 30 years of experience in the areas of civil service and private legal practice.
The practice serves a wide range of sectors, particularly matters related to banks, industrial engineering, commercial matters, money services and insurance.
The firm is experienced in helping clients operating in FMCG, finance, TMT and manufacturing.
Lucas Osorio is the managing partner at Hogan Lovells in Madrid, having joined the firm in 2008. He is specialised in M&A across many industries, he is renowned for his knowledge of transport infrastructure.
Clients come from the sectors of banking, media, energy and aerospace, hospitality, industries, insurance, finance, private equity and real estate.
The team assist clients in taxation areas across cross-border transactions, debt structuring, economics and accounting, business and private income tax and tax planning.
KPMG Abogados tax group is led by partner Alberto Estrelles. The team comprises 30 partners and 513 additional experts.
Partner Julio César García Muñoz assisted Peugeot Citröen Automoviles de España in litigation proceedings in May 2016. The case arose after a TP-related tax review and subsequent assessments led to charges of €158 million, with additional penalties of €22 million, which the team appealed against. Peugeot's demand was initially refused by the Economic Administrative Court. The National Court terminated the appeal against the assessments but upheld the plea against tax penalties. Peugeot and the Spanish tax officials appealed the National Court's decision before the Supreme Court. The Supreme Court upheld the appeal.
Manager Javier Mata and director Miguel Ferrández advised a solar energy group in November 2016. The €2.5 million indirect tax case concerned VAT savings in transactions involving the sale of shares. The team advised the client on the application of VAT grouping rules, which combined with other requirements would support VAT deduction.
Landwell is PwC's associate firm, and has 39 offices across Spain. Clients are local to national individuals, corporations and multinationals.
The firm helps to represent clients in matters such as litigation and disputes, VAT and indirect taxes, transfer pricing, and local and regional taxation.
Latham & Watkins’s tax practice in Spain is headed by partner Jordi Domínguez.
Together with counsel Iván Rabanillo and associate Blanca Vázquez de Castro, Domínguez advises Spain-based multinationals and clients worldwide on Spanish tax law.
The Madrid-based trio is part of a close-knit global tax practice consisting of 60 associates who also work across industries to provide tailored services. Over the past year, Latham & Watkins worked on a range of domestic and cross-border finance, capital markets and M&A tax matters. The firm’s sector expertise includes working with telecommunications, consumer goods, infrastructure and energy clients, among others. Last year, Domínguez and his team advised on a complex intra-group reorganisation valued at more than $1 billion for a consumer goods company, prior to a debt refinancing, which took into consideration a double taxation treaty between Spain and the US.
Partner Javier García-Pita Ripollés is a key contact at Linklaters. He joined the team in 1997 and is experienced in advising clients in M&A matters, stock market issues, restructuring, scrutinising financial matters, company procedures and joint ventures.
The practice assists in tax advice and structuring, litigation and dispute resolution, international tax, the tax implications of investment vehicles, corporate finance, corporate tax, international tax planning, capital markets and M&A.
Independent law firm Pérez-Llorca in Madrid is led by senior partner Pedro Pérez-Llorca. He has more than 20 years of experience. The practice comprises 34 partners and 160 lawyers.
The firm often assists clients in their M&A requirements and high-profile transactions. The team offers assistance in mergers, financing, international expansion and restructuring.
The practice works with the public and private sector, in addition to national and international companies.
The firm is proficient in the areas of retail, family office, leisure and tourism, transport and logistics, energy, natural resources and infrastructure, financial services, private equity, real estate, life sciences and the food industry.
Ramón y Cajol Abogados is present in Barcelona, Madrid and Zaragoza. The firm assists regional and global private and public corporations.
Mar Alcaraz is a senior tax associate at the Barcelona office, which she joined in 2015. She has a Big 4 background and more than 20 years of experience in the tax world.
Clients are assisted in VAT and customs, transfer pricing, corporate tax planning for mergers, demergers, group restructuring and tax controversy.
The team advises small and large domestic and international publicly and privately-held corporations.
Juan Sosa Pons-Sorolla is the managing partner of the tax team at Simmons & Simmons in Spain. The firm provides a full range of tax services, such as asset management, banking, construction and infrastructure, investment funds and TMT.
Pons-Sorolla advised a client in a €1.5 million court litigation case before Audiencia Nacional (the Spanish court of appeal) in October 2016. The client was a UK-linked insurer. The tax dispute was related to a dividend withholding tax refund. The insurer sought the refund on the basis that Spanish tax law for non-residents contradicted EU Law and was therefore discriminatory.
Uría Menéndez's Spanish tax branch is led by partner Rafael Fuster. The team consists of 12 partners and 40 additional professionals.
The firm regularly provides tax advisory services to local corporations and multinationals private equity and finance. The team offers transactional assistance in M&A, de-mergers and disposals; equity and economic reorganising; capital market deals, such as debt issuance, public share offers and takeovers; real estate transactions, portfolios and project finance; and business development.
Partners Rafael García Llaneza and Gloria Marín advised software consultant and supplier Jocoma in February 2017. The client applied a framework specific to Spanish holding companies, which led to significant tax benefits related to both corporate and shareholder personal income tax obligations.
This was challenged by tax authorities through various tax assessments. The team's argument was accepted by the Spanish Supreme Court, which stated that capital gains realised on the transfer of shares could not be assimilated with dividends in order to exclude the application of the special tax framework for passive holding companies, thus overturning the additional tax assessments. The case produced binding case law on the limitation of tax official influence over passive holding companies in Spain.
Ventura Garcés & López-Ibor is managed by partners Jordi Vilalta in Barcelona and Lourdes Pérez-Luque Maricalva in Madrid. The team comprises three partners and five associates who work within the area of indirect tax, corporate and disputes.
Vilalta is consulting in a €10 million tax dispute. His client appealed against a tax assessment in relation to financial expenses of an international structure, after a negative resolution of the economic administrative courts.
Maricalva advised a trading company, belonging to an international group, in November 2016.
|Tier 1 - Spain|
|Cuatrecasas, Goncalves Pereira|
|Garrigues, Taxand Spain|
|Tier 2 - Spain|
|Freshfields Bruckhaus Deringer|
|Latham & Watkins|
|Tier 3 - Spain|
|Allen & Overy|
|Gómez-Acebo & Pombo|
|Ramón y Cajol Abogados|
|Tier 4 - Spain|
|Simmons & Simmons|
|Ventura Garcés & López-Ibor|