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June 26, 2026
Based on the Income Tax Law promulgated by Royal Decree 28/2009; and
To the Royal Decree 34/2020 Ratifying the Convention on Mutual Administrative Assistance in Tax Matters; and
To the Decision No.78/2020 on Standards for Automatic Exchange of Financial Account Information
In pursuant to the public interest,
It has been decided as follow:
The text of the first paragraph of clause (7) the definition 'Designated persons' in Article (1) of Decision No. 78/2020 referred to, is replaced by the following text:
"Any financial institution, account holder, or controlling person as defined in the Common Reporting Standard and its Commentary, including but not limited to:"
"A new clause numbered (9) is added to Article (1) of the Decision No. 78/2020, as follows:"
"9-Controlling person : The person as defined in the Financial Action Task Force (FATF) recommendations as per the following:
In case of the legal person:
The natural person or persons who ultimately has a controlling ownership interest of 25% or more of the legal person, including any natural person that exercises such control or ownership through a chain of ownership,
The natural person or persons exercising control of the legal person through other means, this is in case there is a doubt as to whether the persons with controlling ownership interest is indeed a controlling person, or where no natural person exerts control through ownership interests.
In the exceptional circumstances, where no natural person is identified as having controlling ownership interest or otherwise exercises effective control of the legal person, the natural person who holds the position of senior managing official.
In the case of a trust; the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust.
In the case of any legal arrangement other than a trust, such term means persons in equivalent or similar positions for the trust.
A new article is added to Decision No. 78/2020 referred to, numbered (11), with the following text:
Article (11)