Monday, 15 June 2015 15:39


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HOLIDAY RENTAL HOUSES IN CANARY ISLANDS The Canary Islands autonomous regional government has, on Friday May 22, approved the long awaited new regulating holiday homes. The Canary Islands Government Deputy Minister of Tourism, said that “after months of work, together with associations, industry players and public institutions, we have finally arrived at a standard for the development of this activity on the islands.” Not application in Tourist Areas In a surprise for some, who thought inevitable the inclusion of homes and apartments in established tourist zones, the new law “expressly excludes from the scope of this regulation” areas that are…
Thursday, 22 January 2015 13:15


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TO RECOVER THE INHERITANCE AND GIFT TAX FOR NON RESIDENTS On September 3rd 2014, the European Court of Justice delivered a sentence by which it is declared opposed to the equality of all the Europeans and to the principle of free circulation of capitals, the current regulations of the Inheritance and Gift Tax in Spain, by marking differences between the Spanish taxpayers and the rest of the European citizens when it comes to paying those taxes. As a result of this, those cases in which by being non-resident Europeans have paid the Inheritance Tax by real obligation in Spain over…
On December 6th 2014 has been published a new Government Decree (BOE RD 1003/2014, December 5th) which revises the Personal Income Tax (RD 439/2007, March 30th). This Government Decree regulates the advance payment of new allowances, allowances for large family and disabled people, as well as the new percentages of tax retention for 2015 and 2016. With reference to the last point, you have a summary in the following table   Concept Tax retention from January 1st 2015 Tax retention from January 1st 2016 Incomes from professional activities in general 19% 18% Incomes from professional activities (lower than 15.000 €…
Wednesday, 07 January 2015 12:48


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Since 1st Jan 2.015 the tax rate of 24.75% will be reduced to 24% in general to NON RESIDENTS taxpayers, but for Residents of other countries of the European Union will be reduced to 20% in 2015 and will be 19% from 1st Jan 2.016
Wednesday, 07 January 2015 12:35

Summary of Tax Reform 2015

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The current government increased the income tax rate PIT (Personal Income Tax) to reduce the great public deficit. In 2015 there will be elections and that will have an impact on taxes. That is why the tax reform is born. In January 2015, the withholdings on wages will be reduced and therefore the net salary of all the workers will increase. SALARIES: Currently, there are seven sections in taxes and they range from 24.75% to the maximum 52%. In 2015, the sections will be reduced to five with the minimum being 20% and the maximum 47%. Currently, 52% applies to…
For your own benefit, below we show you the report published on the Spanish Tax Authorities' website regarding the compulsory nature of subscribing to the electronic reporting system for certain taxpayers: "Beginning on the 1st of January 2011, the Tax Authorities will start sending electronic notifications to certain entities (basically anonymous and limited liability companies) on a binding basis. Nevertheless, required entry into the electronic system will be gradual and will not take effect until the Tax Authorities notify the appropriate parties, individually and by traditional means, about the inclusion in this system. Once you, as a taxpayer, have been…
Tuesday, 25 January 2011 00:00

More control over non-residents

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By the end of last month, December 2010, the Spanish Government approved some changes concerning the non-resident law: 1. CITIZENS FROM OTHER EUROPEAN UNION COUNTRIES can deduct the appropriate expenses required to rent the properties they have in Spain, but it is essential that those who want to enjoy such deductions will have to present an official certificate of tax residence, translated to Spanish so they can prove they are EU residents. 2. IMPUTED INCOMES from real estate properties must be filed during the following year. Imputed incomes are those which arise when a property is empty, or when it…
Beginning this year, Spanish Tax Authorities allowed residents from other European Union countries who have a property that they rent out in Spain, to deduct all expenses incurred by renting real estate properties. In order to do that, the taxpayers must prove that these expenses are directly related to revenues obtained in Spain and come from the rented property. In order to calculate net revenue, the following expenses should be deducted: 1. Interests from amounts invested in the acquisition or improvement of assets. This means that, in case the property has a mortgage, interests paid to the Bank can be…
Related party transactions are those between companies and their shareholders, the management, or their business groups. These transactions must take place at real market price, regardless of how the transaction is actually made. An example of related party transactions is the following: suppose that the sole administrator of a company rents out a property to the company, i.e., a flat in Lanzarote to be used as offices; he cannot rent it for free nor for too expensive of a price; He must rent it at market price. And, if in reality, he is not receiving any income from such rent,…
Friday, 23 July 2010 00:00

Reductions in the tax bill

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HOME BUYING DEDUCTION Deductions for purchasing a permanent residence shall be as usual regarding income tax for the 2009 year. However, December 31, 2010 will be the last date to buy a house ensuring the most important tax exemption in IRPF (personal income tax) as it’s currently applied. As of 2011, there will be some significant tax changes. According to the current law, deductions can be made up to 15% of the amounts paid on the purchase, renovation, construction or enlargement of the usual residence up to a maximum of 9,015 Euros. This means a maximum deduction of 1,352.28 Euros…
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