Tag: tax
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DRAFTING A WILL IN SPAIN
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Alleviate Future Headaches for Your Relatives and Heirs Article supplied by Welex Lawyers & Accountants If you are a resident of a country within the European Union and have properties in Spain, it may be in your best interest to grant a will signed by a notary in Spain. Although…
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The Beckham Law – Article supplied by Welex Lawyers & Accountants
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Royal Decree 687/2005 is more commonly known as the “Beckham Law”. British footballer David Beckham was one of the first to benefit from this special regime, taxed as a non-resident when he was employed by Real Madrid in Spain. However, “natural persons” who become tax residents as a result of…
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Spanish Capital Gains Tax ON THE SALE OF A PROPERTY IN SPAIN
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Article supplied by Welex Lawyers & Accountants When you sell a property in Spain, you must take into account that the profit you obtain is subject to tax. This is the Spanish capital gains tax, which is also known as “ganancias patrimoniales”. The current applicable rate of the Spanish capital gains tax is 19 per…
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Non-Resident Income Tax in Spain
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Article supplied by Welex Lawyers & Accountants Spain’s non-resident income tax (IRNR) is a direct tax levied on income obtained in Spanish territory by individuals and entities that are not residents of Spain. If you are not a resident of Spain and you own a property in the country, you…
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IBI and Cadastral Values in Spain
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Article supplied by Welex Lawyers & Accountants Closely related to the real estate tax, cadastral values are administrative values that have been determined for each property located in the Spanish territory. Cadastral values are determined based on the following variables: 1. The location of the real estate property, the urban…
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Inheritance Tax Reductions IN ANDALUCÍA
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Andalucian legislation on inheritance procedures includes an interesting change this year in applying the autonomic reduction for a spouse and direct relatives, with heirs paying no tax if the amount is no more than €250,000. Under the new legislation, which came into force on 1 January 2017, the full reduction…
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PAYMENT OF IBI REAL ESTATE TAX IN SPAIN
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Do you want to sell or purchase a property in Spain? If so, who needs to pay the Spanish IBI real estate tax that same year? This matter is regulated in the Law for Local Tax Offices, which establishes that, for the purposes of this tax in Spain, rural and…
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Limits on Cash Payments in Spain
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Article supplied by Welex, July 2016 At the end of 2012 modifications were made to the Spanish tax and financial regulations. Some of the changes were introduced to increase administrative actions in the prevention of and fight against fraud. One of these initiatives involved setting limits on cash payments for…
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COMPANY TAX IN SPAIN LOSSES FROM PREVIOUS FISCAL YEARS
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Article supplied by Arcos & Lamers [dropcap]T[/dropcap]he time limit for compensating negative company tax bases in Spain, generated by losses from previous years, has been changed drastically with the introduction of law 27/2014. These tax bases will be applied without any time limit in the future. In other words, negative tax…
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Company Tax in Spain Losses from Previous Fiscal Years
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Article supplied by Welex The time limit for compensating negative company tax bases in Spain, generated by losses from previous years, has been changed drastically with the introduction of law 27/2014. These tax bases will be applied without any time limit in the future. In other words, negative tax bases generated…
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Capital Gains Tax in Spain
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Capital Gains Tax in Spain Article supplied by Welex The following information has been compiled in reference to capital gains taxes that might arise from the sale of real estate in Spain. Which Spanish tax law is applicable if a non-resident sells his property in Spain? The Spanish capital gain…