Taxation of business financing instruments: fixed income instruments and equities; derivatives (financial futures and options, forwards, swaps, warrants, etc.). Long-term financing instruments and their taxation: long-term loans, leasing, renting, corporations, and private equity risk, joint account contracts, equity loans, among others. Tax planning alternatives. Choice of short-term financing instruments and their tax impact: short-term loans, discount operations, factoring contracts.
This course enables students to acquire the knowledge and skills necessary for the practical application of the tax regime of the different business financing instruments, achieving the necessary specialization in taxation in order to properly perform the professional exercise.
Competencies and learning outcomes
- Ability to analyze, select, and synthesize information and relevant legal and tax sources for solving problems, forming action strategies, and advising clients.
- Capacity to fully handle all portions relating to the legal and tax field, nationally and internationally.
- Capacity to manage complex and varied data sets and other tax information.
- Ability to identify, interpret, and solve highly complex problems within the tax area.
- Capacity to know how to act in situations that can, at any moment, arise in various complex tax scenarios.
- Ability to argue with sound and reasoned criteria, when resolving tax problems advanced in nature.
- Capability of developing a reasoned critical sense about tax regulations and practices.
- Ability to integrate ethical and socially responsible behavior in professional activities.
- Capacity to work in professional and multidisciplinary teams effectively and efficiently, reproducing actual contexts and contributing and coordinating own knowledge with other branches of knowledge.
- Capability to make individual decisions and actively participate in collective decision-making.
- Capability of applying acquired tax knowledge and methodologies for resolving unforeseen situations in professional practice, foresee and minimize potential problems, and anticipate solutions in the field of tax advice.
- Ability to integrate and interrelate knowledge and confront the complexity of formulating judgments with incomplete or limited information on taxation.
- Capacity to communicate conclusions from professional advisory activities, as well as final reasons and rationale that support them, to specialized and non-specialized groups in a clear and unambiguous manner.
- Capacity to direct, follow and resolve any tax matter, achieving professional excellence in actions.
- Continuous learning capability that will allow for further study in an autonomous or self-directed manner.
- Demonstrate advanced theoretical and practical knowledge of the Spanish tax system, and the relationships existing between the taxes that comprise it.
- Capacity for solving conflictive situations arising from the multitude of sources within the tax system (community, national, regional, and local) with professional excellence.
- Capability to advise skillfully on tax obligations about compliance with different formal duties deriving from the applications of taxes.
- Capability of achieving a high degree of specialization in applying taxes from economic activities developed by persons or entities on a national level.
- Capacity to evaluate the effect of tax incentives for a business and to select the most adequate business strategy for each case.
- Ability to design complex tax planning operations that permit developing the most advantageous tax options within professional and personal areas.
- Capacity to delve deeper into advanced practical aspects about taxing non-resident entities and legal persons who carry out economic activities or perform other types of investment within Spanish territory.
- Capacity to identify and apply sectoral adaptation of the General Accounting Plan and evaluate its effect on the taxation of determined economic sectors.
Objectives (Learning outcomes)
- Students will be able to fully master the taxation of bonds and equities.
- Students will be able to professionally apply taxation of long-term loans, renting and leasing.
- Students will be able to solve complex practical problems arising from the taxation of financial credits, discount operations and factoring.
- Students will be able to determine the best taxation method for financial instruments of hedging.
- Students will be able to professionally design different planning strategies for the taxation of business financing instruments.
- Students will be able to combine tax legislation, administrative doctrine and jurisprudence to offer specialised consultancy related to the applicable taxation of the financing instruments in processes of financial innovation.
- Vallejo Alonso, Belén / Solórzano García, Marta. "Gestión patrimonial y banca privada manual del asesor financiero". Madrid Pirámide D.L. 2013.
- Alberruche Herráiz, Amparo. "Guía fiscalidad de las operaciones financieras". Valencia Ciss 2008.
- Castaño Martín, María José. "La tributación de las operaciones financieras". Valencia Wolters Kluwer 2013.
- Ferri-Ricchi, Amedeo. Sánchez-Calero Guilarte, Juan. "El contrato de swap como tipo de derivado". Pamplona Civitas Thomson Reuters 2014.
- Hucha Celador, Fernando de la/ López López, Hugo/ Martinez Caballero, Ramon/ Escribano López, Eva/ Ollo López, Iris Meritxell/ Otalora Anaut, Andrea C. "Practicum Fiscal 2018". Pamplona Lex Nova-Thomson Reuters 2018.
- Simón Yarza, M¯ Eugenia. "La exención de dividendos y plusvalías para corregir la doble imposición el el impuesto sobre Sociedades". Pamplona Thomson Reuters 2015.
- Varona Alabern, Juan Enrique. "La tributación de las "Stock options" en el impuesto sobre la renta de las personas físicas". Cizur Menor, Navarra Aranzadi Thomson Reuters 2016.
- Vilarroig Moya, Ramón. "Régimen fiscal de los Swaps de tipo de interés y de divisas". Madrid Civitas 2002.
Methodology and grading
- Case studies: Learning through the analysis of actual or simulated cases in order to interpret and resolve them by employing various alternative solution procedures.
- Lecture: Pass on knowledge and activate cognitive processes in students, encouraging their participation.
- Project-based learning: Realization of a project to solve a problem, applying acquired learning and promoting abilities related to planning, design, performing activities, and reaching conclusions.
- Solving exercises and problems: Exercise, test, and apply previous knowledge through routine repetition.
- The evaluation system of the course has a double order of items: A. continuous assessment and B. on site examination of the student, both aspects being weighted at 50% each:
A. 50% for continuous assessment of the student is obtained taking into account the following criteria assessment and weighting percentages and can thus assess the degree and process of acquiring the necessary knowledge students and the different skills and competencies required:
a) 30% of the grade will come from the completion of questionnaires and other case studies (views, simulation activities, etc.) made in the classroom teaching as well as their level of participation and interest shown in the contact sessions imparted.
b) The degree of participation of each student in seminars, workshops, public exhibitions and developed throughout the semester papers will be quantified at most by 20% of the continuous assessment mark.
B. In the one site examination, the student, using the current legal instruments and applying the acquired knowledge to study the subject, will respond to theoretical issues and practical cases that arise pertaining to the program of the respective course.