On 13 November 2015, Spain's Royal Legislative Decree 4/2015 of 23 October 2015 entered into force. Decree 4/2015 repeals the stock market law 24/1988 and introduces new rules regarding the value added tax (VAT) exemption for the transfer of shares. Under the rule, the transfer of shares will be treated as a supply of goods that is not exempt from VAT when the purpose of the transfer is to avoid tax on immovable property owned by the company whose shares are transferred.