Gestiones

Wednesday, 25 July 2007 00:00

Limited Company books

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Limited Companies must have their Shareholder Registry Book and the very important Minute Book both properly authenticated in the Companies Registry. MINUTE BOOK This compulsory book should contain all the agreements carried out by the partners in their meetings. The information to be included in this book is the following: 1.- Date and place, in Spain or abroad, where the meeting is held. 2.- Date and modality in which the call has been made. 3.- Entire text of the call, and if it is a Universal Meeting (where all the shareholders are present or represented), the points contained in the…
Monday, 25 June 2007 00:00

To declare rental incomes

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RENTAL INCOMES Income from rental properties is also known as returns on real property. These returns are attributed to the property owner, i.e. the person whose name is in the titled deed. In the event that the title of this property is in the name of 2 persons (e.g. husband and wife), revenue and expenditures are attributed in equal parts. Now, then, if a person owned the property before marriage, the rental income shall be attributed to such person. In order to review the returns obtained from rental properties we should first examine the revenue and expenditures related to such…
Wednesday, 25 April 2007 00:00

Where am I tax resident?

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Many doubts about tax residence come up with people who live in Spain and another country. Where should they declare taxes and what do they have to declare etc etc? Residence has a special significance, because being resident in one country or another will determine whether you will pay taxes in one or both countries. The first criterion to follow is the length of stay in Spain. According to this rule, it is said that a person is a Spanish resident if he has been in Spanish territory more than 183 days (just half a year). However that is one…
Real estate fraud has become the priority of the Spanish General Tax Office in the year 2007. During 2006, several cases of corruption related to real estate affairs have appeared in Spain. The most infamous case happened last year in Marbella (Malaga). A judge investigated the Town Hall and discovered an organized plot from within the very same Town Hall. In this operation more than 20 people were arrested one of whom was the Town Hall’s mayor, although the brain of the operation was the urban development affairs adviser, who is currently in jail. Police found him an immense patrimony.…
Friday, 23 February 2007 00:00

Still more of low taxes

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From centuries ago, the Canary Islands have had some tax advantages. These advantages are detailed in a Law called REF (Economic and Tax Regime for the Canary Islands). The Government in the Canary Islands has managed to have these tax advantages –only existing in the Canaries- renewed by the national Government and the European Union. The most important changes are referred to the famous Reserve for Investment in the Canary Islands (RIC). This RIC is, in brief, a chance for companies developing their economic activities in the Canaries may reinvest up to 90% of their profits in their own companies…
One of the main tax news for 2007, refers to the entities so-called, until the 31st December 2006, "Sociedades Patrimoniales / "Property Investment Companies". This type of companies has caused a great confusion as it was not very clear which expenses were deductible and which were not. It was also a shelter for those who, in order to avoid that their properties were registered under the name of individuals, decided on establishing this type of company, or simply because they wished so. Basically, these companies are owners of some properties, properties used by the partners as their own homes or…
Friday, 24 November 2006 00:00

What's new in taxes 2007

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In November 2006 the reform of the Personal Income Tax (IRPF) has been approved, coming into force on the 1st January 2007. New aspects for individuals: 1. Earned income taxes are reduced (employees, public officers, etc....) 2. Rate brackets are also reduced (from 5 to 4) and the maximum marginal rate (decreases from 45% to 43%). The minimum rate being 24% 3. The individual minimum amount to be applied for obtaining tax reductions is increased in almost 50%; individual minimum amounts per child are increased between 20% and 30%, while minimums for handicapped people are increased between 13 and 38%.…
Friday, 24 November 2006 00:00

Taxes when passing away

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When a resident or non resident individual passes away leaving some properties in Spain for his heirs, these heirs will be subject to pay the well known "Inheritance and gift tax". On the other hand, a "Gift Tax" is payable on the excess above a certain threshold when you receive a donation or a gift. In practice, both taxes, which, in principle, have a very different nature, are paid through the same tax, the "Inheritance and gift tax". What is taxable? Assets and rights left by the deceased individual are considered to be taxable assets and rights. This tax is…
Friday, 23 June 2006 00:00

Alone in front the peril

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Working for your own independent business is more than a way to earn a living. It's a way of life in itself. People who decide to embark upon their own business venture will discover a world of illusion, surprises, obligations, responsibility, etc. You are not always working but you are always thinking about your business. Sometimes you will have to work during a bank holiday and if you are not prepared to do so, then you better give up that business. Working as a freelance has its pros and cons. When you have to make a decision, you will do…
The Spanish Government has now a new procedure to apply the European directives about tax information exchange. This procedure obliges the Spanish Tax Authorities (also known as Public Tax Administration) to exchange information with the rest of the Member States concerning the payment of taxes on incomes, real estates, etc… This legal engagement is set forth in the Spanish Official Gazette dated on February 2006. So far, it was complicated to know whether a citizen from a European country had any properties, incomes, etc… in another member state or not; or even to know whether his taxes were correctly paid…
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