La imposición sobre el juego en los casinos y su problemática actual en relación con las propinas

This paper is aimed to analyze a new discussion arisen between the gambling operators and the tax authorities in relation to the gambling tax and the facts related to the delimitation of the taxable event and the taxable base. Starting from a brief study of the normative evolution of the gambling tax, we will approach the analysis of the essential elements of this tax, to then examine if the tips paid by the players should be included to determine the tax base of the gambling Tax. The purpose of this paper is to highlight the recent focus of conflict between the tax authorities and the gambling operators, in relation to the tips that they obtain from the players. This new discussion will be compared to the one that already took place time ago, which ended considering that the entrance tickets paid by the players to the casinos were considered as more gambling tax taxable base.En este trabajo nos proponemos analizar un nuevo conflicto surgido entre los operadores del juego (casinos) y las Administraciones tributarias en relación con la tasa sobre el juego y los aspectos relacionados con la delimitación del hecho imponible y la base imponible de dicha figura impositiva. Para ello, partiendo de un breve estudio de la evolución normativa en torno a la tasa sobre el juego, nos acercaremos al análisis de los elementos esenciales de este concepto tributario, para seguidamente examinar si corresponde la inclusión de las propinas que satisfacen los jugadores, como mayor importe de la base imponible de la tasa sobre el juego. Nuestro propósito es poner de manifiesto este reciente foco de conflicto entre las autoridades fiscales y los operadores del juego, en relación con las propinas que obtienen de los jugadores, comparándolo con el que ya tuvo lugar en su momento, cuando se incorporaron los importes abonados por las entradas de acceso a los casinos como mayor base imponible de la tasa sobre el juego

Loan-Based-Crowdfunding Investment as an alternative vehicle in channeling institutional and personal savings: the collaborative economy

The financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The concluThe financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors. sion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.Peer ReviewedPostprint (author's final draft

La libertad de movimiento de capitales como límite de la lucha contra la evasión fiscal: A propósito de la STJUE de 27 de enero de 2022, asunto C-788/19, Comisión c. España

This paper is aimed to analyse the connection between the general non-discrimination clause and the free movement of capital recognised by Article 63 of the Treaty on the Functioning of the European Union (TFEU), in the light of the long-standing case law of the Court of Justice of the European Union (CJEU). For this purpose, starting with a brief analysis of the fundamental freedoms enshrined in the TFEU, we will take into consideration the one referring to free movement of capital, in order to analyse the tax restrictions that represent a violation of this principle, whose most recent expression can be found in the Judgment of the CJEU of January 27, 2022, case C-788/19, in relation to the Form 720 and its strict penalty regime.En este trabajo nos proponemos analizar la vinculación de la cláusula general de no discriminación en relación con la libertad de movimientos de capital reconocida por el artículo 63 del Tratado de Funcionamiento de la Unión Europea (TFUE), a la luz de la dilatada jurisprudencia que emana del Tribunal de Justicia de la Unión Europea (TJUE). Para ello, partiendo de un breve análisis de las libertades fundamentales que consagra el TFUE, tomaremos en consideración la referente a la libertad de circulación de capitales, para adentrarnos en las restricciones fiscales que suponen una vulneración de dicho principio, cuya expresión más reciente la tenemos en la Sentencia del TJUE de 27 de enero de 2022, asunto C-788/19, recaída en relación con el modelo 720 y su riguroso régimen sancionador

Loan-Based-Crowdfunding Investment as an alternative vehicle in channeling institutional and personal savings: the collaborative economy

The financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The concluThe financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors. sion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.Peer Reviewe

Loan-Based Crowdfunding Investment as an alternative vehicle for channelling institutional and personal savings: the collaborative economy

Loan-based crowdfunding, which is already well established in the US and Britain and is a new phenomenon in the Spanish market, is an investment vehicle for retail investors and institutional funds and also an interesting financial product for the small and medium enterprise segment (henceforth, SME). The recent regulation of crowdfunding in Spain (called “inclusive finance platforms” in the corresponding legislation) increases transparency and legal certainty for both investors and companies requiring credit; it establishes a legal framework, specifies the entities authorised to act as platforms, and clarifies the rules applying to the various stakeholders. This standard should promote the consolidation of this new mechanism of financial disintermediation based on the new technologies. It is likely to increase the number of financial suppliers in Spain and in Europe as a whole where, unlike the US market with its financial diversification, the capital market is characterised by its dependency on the traditional banking system. The inefficiency that this creates in the financial market has an adverse impact on the financial structures of the SME segment and, as a result, on its productivity, employment , and returns. In this situation, loan-based crowdfunding may be part of the solution.Through the collection of empirical data from a crowdfunding reference platform in Spain, this article analyses the profitability-risk trade off of crowdfunding and compares loan-based-crowdfunding with other traditional investment vehicles such as investment funds, equities and pension funds. In addition, the fac tors that explain the cost of capital for loans, in particular loan maturity and company credit rating, are identified through a regression model. The conclusion of the study is that saving through crowdfunding allows optimisation of a portfolio comprising both institutional and retail investors. Crowdfunding can contribute to solving the problem of the scarcity of investment vehicles, especially for the retail segment.Peer Reviewe

Loan-Based-Crowdfunding Investment as an alternative vehicle in channeling institutional and personal savings: the collaborative economy

The financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The concluThe financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors. sion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.Peer Reviewe