Author: Elena Fernandez

The impact of having two payers on income tax filing

Taxpayers with multiple sources of employment income may be exempt from filing income tax returns if the total income received from the first payer does not exceed €22,000 and the income from the second payer does not exceed €1,500 annually. All taxpayers are required to file Form 100 by July 1, 2024, regardless of whether they had one or… Continue reading The impact of having two payers on income tax filing

Family business exemption

Three young business professionals standing together and discussing over business report in office hallway. Office colleagues revieving a business document on the tablet in coworking

The requirements for a company to be considered as a “family business” and to be able to benefit from the exemption in Personal Income Tax, Inheritance and Gift Tax, as well as Wealth Tax, are the following: In addition, in order to qualify for this exemption right, the company must allocate at least more than… Continue reading Family business exemption

List of non-cooperative jurisdictions updated

European Union map with flags of countries. Europe. 3d illustration

The European Council today announced the removal of the Bahamas, Belize, Seychelles and the Turks and Caicos Islands from its list of non-cooperative tax jurisdictions.  It should be recalled that countries that are considered as non-cooperative jurisdictions are formerly known as “tax havens”. Non-cooperative jurisdictions are characterised by a lack of commitment in the fight… Continue reading List of non-cooperative jurisdictions updated

The Beckham Law and its impact on taxation in Spain

The Beckham Law refers to a tax tool aimed at individuals who move their tax residence to Spanish territory due to engaging in labor activity. This system offers the opportunity to enjoy more advantageous taxation, allowing taxpayers to apply the regulations of the Non-Resident Income Tax (IRNR), even if they meet the requirements to be… Continue reading The Beckham Law and its impact on taxation in Spain

Variation in the reduction in the IRPF for renting a home

As from January 1, 2024, a modification is introduced in Article 23.2 of Law 35/2006, of November 28, on Personal Income Tax (IRPF), relating to the reduction applicable to the positive net yield obtained from the leasing of real estate used for housing. Firstly, the current variation from 60% to 50% for new rental contracts.… Continue reading Variation in the reduction in the IRPF for renting a home

The new initiatives and proposal for a European regulation on the control of foreign investments to reinforce economic security in the European Union

In line with the European Economic Security Strategy published in June 2023. The five initiatives approved by the European Commission on January 24, 2024 cover the following objectives: The measures adopted by the Commission are as follows: After analyzing foreign direct investment operations over the past three years, the Commission proposes measures to strengthen the… Continue reading The new initiatives and proposal for a European regulation on the control of foreign investments to reinforce economic security in the European Union

Family business exemption: controversial issues regarding access requirements in light of the latest DGT pronouncements

Business people in a meeting at a conference table

Recently, the DGT, in its binding rulings V2752-23 and V2390-23, hasclarified its criteria regarding the fulfillment of certain requirements for accessing the family business exemption. The family business exemption is, to date, one of the main tax benefits for family businesses and, in many cases, has become indispensable for the survival and development of such… Continue reading Family business exemption: controversial issues regarding access requirements in light of the latest DGT pronouncements

Fiscal Uncertainty in Socimis

Client is bringing the documents to clarify the law to the lawyer at the prosecutor office.

Tax law experts highlight the considerable uncertainties generated by the tax treatment of compensations granted to members of the board of directors, demanding greater legal certainty in this area. This need for certainty is shared both by managers of these entities and by professionals specialized in tax matters. The lack of clarity in tax legislation… Continue reading Fiscal Uncertainty in Socimis

How cryptocurrencies are taxed in Spain

Firstly, there are three different reporting obligations, which has led to the approval of three different forms, applicable to the following persons and entities: In form 721, persons holding virtual currencies abroad must provide the following information: In Form 172, which focuses on services related to the holding of virtual currencies, i.e., the protection of… Continue reading How cryptocurrencies are taxed in Spain

Fiscal Updates for the Year 2024

Team of Asian prosecutors discussing case at table

In a recent binding resolution, the Directorate-General of Taxes (DGT) has relaxed its criteria regarding the accreditation of environmental deductions, establishing a maximum period of 15 years, even when investments were made in previously inspected fiscal years. Article 39 of the Consolidated Text of the Corporate Income Tax Law (TRLIS) (Royal Legislative Decree 4/2004, of… Continue reading Fiscal Updates for the Year 2024