Newsletter 211 BNFIX PICH

People, principles, services

March 2026

Dear all,

With spring just beginning, we are pleased to share our March newsletter, which opens with an interview with Joan Cavallé, who served as CEO of Caixa Enginyers for 19 years. He explains the secret behind the institution’s success—having survived the major financial crisis that wiped out most of Spain’s savings banks.

We also review the recent measures approved by the Government to mitigate the effects of the wars in Iran and the Middle East, and we remind you of the filing deadline for Form 720 and the deadline to register the person responsible for the whistleblowing channel. We further discuss the new Forms 420, 421 and 422, the update of the Minimum Interprofessional Wage (SMI), the transfer of rights and employment obligations when companies change ownership or activity, and the tax implications of withdrawing pension plans, among other matters.

The newsletter is completed with our agenda section—featuring some of our recent activities—and a publications section, where we invite you to read various reports and studies on economic topics, as well as an obituary of Roque de las Heras, an exemplary entrepreneur.

We take this opportunity to wish you a restful break during the Easter holiday period.

Angel Oro · angel.oro@pich.bnfix.com

Partner, Head of Tax Department
BNFIX PICH TAX LEGAL

Highlights

▶ Video

Keys to Surviving Financial Uncertainty

Video interview with Joan Cavallé, CEO of Caixa Enginyers for 19 years

Joan Cavallé, who served as CEO of Caixa d’Enginyers for 19 years until his retirement in 2024, speaks with Valentí Pich about the evolution of the institution and the key factors that enabled its survival during the financial crisis that led to the disappearance of most savings banks.

In a context marked by uncertainty, regulatory pressure and new global risks, Cavallé underscores the importance of returning to the fundamentals of sound management: a financial vision focused on serving people and a clear purpose that guides the business model.

The conversation addresses essential topics such as risk management, consistency in financial decision‑making, the challenges of the current economic environment, and the need to maintain prudence, transparency and coherence to ensure sustainable growth.

Youtube-play Youtube-play Watch the interview (Spanish)

/ Measures to Mitigate the Economic and Social Effects of the Wars in Iran and the Middle East

On 20 March, the Government approved two Royal Decree‑Laws introducing measures to mitigate the economic and social effects that the wars in Iran and the Middle East are having (or will soon have) on Spanish companies and households.
Given the scope and broad impact of the measures adopted — which must be ratified by Parliament within 30 days — we summarise the most significant ones below.

More information · carolina.mateo@pich.bnfix.com

/ Form 720: March 31, last day to file

The deadline to file the declaration of assets and rights held abroad (Form 720) ends on Tuesday, March 31, despite the fact that in 2022 the Court of Justice of the EU ruled that the penalties for non-compliance or incomplete compliance are disproportionate and contrary to EU law.

More information · mj.moragas@pich.bnfix.com

/ New formal obligations under the Global Minimum Tax for multinationals and large groups

Last October, the Official State Gazette published the Order regulating Forms 240, 241 and 242 related to the Top-Up Tax which, as you may recall, transposes the directive aimed at ensuring a minimum effective taxation of 15 percent for multinational groups and large domestic groups.

More information (Spanish) · carolina.mateo@pich.bnfix.com

/ Whistleblowing channel: April 10 is the deadline to register the responsible person

More information (Spanish) · mj.moragas@pich.bnfix.com

/ Minimum Interprofessional Wage (SMI): 3.1% increase for 2026

More information (Spanish) · andrea.cabrera@pich.bnfix.com

/ Pension plan withdrawals after 10 years: What are the tax implications?

More information (Spanish) · alba.pich@pich.bnfix.com

/ Pension plan withdrawals after 10 years: What are the tax implications?

More information (Spanish) · montse.teruel@pich.bnfix.com

/ Business succession: How does it affect labor rights and obligations?

More information (Spanish) · montse.teruel@pich.bnfix.com

/ 2026 Tax Control Plan: key lines of action

More information (Spanish) · alba.pich@pich.bnfix.com

DFK International

/ We attended the DFK EMEA Annual and Emerging Leaders Conference 2026

At the end of February, we took part in the BNFIX Global delegation that attended the DFK EMEA Annual and Emerging Leaders Conference 2026, held in Florence.

The event addressed topics of great interest to participants, such as the need for automation and the use of Artificial Intelligence in the profession, planning of mergers and acquisitions, leadership and current talent attraction strategies, sustainability, business internationalisation, succession and generational transition in family businesses, and governance, among others.

The conference brought together 155 participants from 66 countries and, taking advantage of the occasion, a meeting was also held with representatives from all Mediterranean countries within DFK, a group led by BNFIX Global.

In the picture, from left to right: Pedro Ávila, José María Hinojal, Carolina Mateo, María José Moragas and Andrea Oró.

Agenda and collaborations

/ We discussed year‑end tax closing and 2026 updates at the Chamber of Contractors

BNFIX PICH and the Cambra de Contractistes d’Obres de Catalunya organised, on February 24, the session “2025 Tax Closing and Expected Updates for 2026”. One of the key conclusions was that many tax contingencies do not arise from regulations themselves, but rather from the lack of prior review and proper planning.
The session featured the president of the Chamber, Lluís Moreno; Gonzalo David García de Castro, inspector of the National Office and former Special Delegate of the Spanish Tax Agency (AEAT) in Catalonia; and Carolina Mateo, economist and expert in international taxation at BNFIX PICH.

More information, HERE

/ Conference at Foment on the challenges of the commerce of the future

Our partner Valentí Pich took part on February 17 in the conference “Horizon 2026. Keys to Understanding the Coming Commerce”, held at Foment del Treball and attended, among others, by the Secretary of State for Trade, Amparo López Senovilla.
The Secretary of State expressed the government’s intention to offer tailored advisory services to companies to support their export activity. The session also highlighted several strategic sectors which, despite uncertainties, may have strong export potential, such as renewable energies, the agri‑food industry, infrastructure‑related engineering, and industrial design, among others.
The event was organised by Foment, the Col·legi d’Economistes and the Secretariat of State for Trade.
In the picture, from left to right: Valentí Pich, Maria Helena de Felipe, Amparo López Senovilla and Carlos Puig de Travy.
More information, HERE

/ CILEA Seminar: “Current challenges of the accounting profession”

The city of Lisbon hosted, on March 18, the 44th International Seminar of Latin Countries Europe–America, titled “Current challenges of the accounting profession”, with the participation of our partner and CILEA president, Valentí Pich.
The event, which could also be followed on YouTube, addressed topics ranging from the risks faced by the profession to the impact of the digital economy and Artificial Intelligence, as well as the importance of security and the evolution of professionals and client profiles.
Watch the seminar, HERE

Publications

/ Radiography of the Housing Market 2007–2025 with Notarial Data

The study, presented on March 13 in an event organised by the Col·legi d’Economistes and the Col·legi del Notariat, concludes that companies are accelerating their exit from the residential market in Catalonia.
In 2025, legal entities sold 12,010 more dwellings than they purchased, confirming a divestment trend and pointing to a progressive transfer of housing supply toward individual buyers.
This phenomenon is also observed across Spain and in the city of Barcelona, particularly sharply in the past year. At national level in 2025, legal entities sold 45,108 more homes than they acquired, while in Barcelona sales exceeded purchases by 1,705 transactions.
More details of the presentation, HERE
* Link to the publications pending

/ Wealth Tax: A Unique and Debatable Levy

Opinion article in El Economista, 24 February 2026

In this article, our partner Valentí Pich analyses the controversial Wealth Tax — a tax that was originally intended to be exceptional but is now almost 50 years old and has undergone various changes and reforms, as well as a constitutional challenge.

While awaiting the Constitutional Court’s ruling, the article outlines the potential implications of that decision, the emergence of the also‑debated Solidarity Tax on Large Fortunes, and the different dimensions of a debate in which, he concludes, “regulatory clarity and respect for constitutional limits are not merely technical requirements, but essential guarantees of a modern State.”

Read the article (Spanish), HERE

/ Income and Expenditure of Spanish Households by Age and Gender

Ageingnomics Research Centre — Fundación Mapfre & Fedea

The objective of this report is to provide a better understanding of how much members of Spanish households earn and spend, as well as what they contribute to and receive from the public system depending on their age and gender—key aspects for anticipating the economic and social challenges of the coming decades in a context of accelerated demographic ageing.

Among other findings, the report concludes that Spaniards aged 30 to 54 are the productive engine of the country, financing a large part of public consumption and social benefits; whereas people aged 55 and over are the group with the highest average savings per person.

More details and access to the report, HERE

/ Los servicios de interés general

Instituto de Estudios de la Empresa (IEE)

A new and insightful study by the IEE provides a legal and economic analysis of the real impact of these essential services—vital for the population as a whole and for social and territorial cohesion—on the Spanish economy.
However, when private companies provide these services in liberalised markets, they face rising costs that must be acknowledged and compensated. According to the IEE, these costs amount to around €4 billion annually.

The report, HERE

/ Sustainability reports

Opinion article by Valentí Pich in La Razón — March 8, 2026

In this column, our partner Valentí Pich reflects on sustainability and the updates introduced by the recently approved Omnibus Directive.
He highlights the importance of these reports for companies that are not yet required to prepare them, noting that they represent “an opportunity. Sustainability reports have become a strategic tool to access financing, strengthen relationships with clients and suppliers, attract talent and demonstrate each organisation’s real contribution to a responsible and transparent economy.”

The article, HERE

/ Obituary: Roque de las Heras, a benchmark in educational entrepreneurship

In early February, we said goodbye to Roque de las Heras Miguel, founder of the Grupo Educativo CEF–Universidad UDIMA and a leading figure in educational entrepreneurship in Spain—an individual who has been, is and will remain a role model for many, myself included.
As expressed in this column published in El Confidencial, he was “a man who conveyed natural kindness, transparent sincerity and a strong will to do things well.”
Read the column, HERE

Read our previous Newsletters

Filing form 720: Declaration of assets and rights abroad. The deadline ends...Chalets en una montaña suiza