B Law & Tax
18 July 2023

Tax advisor: Bizkaia makes modifications to its Tax Regulations affecting Personal Income Tax, Corporate Income Tax and Tax Management Regulations

The Official Gazette of Bizkaia of July 10, 2023, published the FORAL DECREE 78/2023, of July 4, 2023, issued by the Provincial Council of Bizkaia. This decree introduces modifications in the Regulation of formal tax obligations, as well as in the regulations of Personal Income Tax, Corporate Income Tax and the Regulation of Tax Management in the Historical Territory of Biscay.

This regulation implements modifications in the tax system of Bizkaia, in accordance with changes introduced by previous regulations, such as the Norma Foral 8/2022, the Decreto Foral Normativo 8/2021 and Law 9/2023. Among the modifications to the Regulation on formal tax obligations, several aspects stand out. It establishes the creation of the Register of extractors of fiscal deposits for products subject to the Taxes on Alcohol and Derived Beverages, Hydrocarbons, Fluorinated Greenhouse Gases, non-reusable plastic containers and deposit of waste in landfills, incineration and co-incineration of waste. It also establishes the obligation to communicate changes of tax domicile for all individuals, whether included in the census of Entrepreneurs, Professionals and Withholders or not, through the electronic office of the Provincial Council of Bizkaia, within 3 months after the change. The rules for the valuation of life insurance in the Wealth Tax are modified, which implies adjustments in the informative obligations of the insurance companies. New reporting obligations related to the holding and operations of virtual currencies are established, and the obligation to report virtual currencies abroad is developed. Finally, the rules for the revocation of the tax identification number are modified.

The amendments made to the Personal Income Tax Regulations include technical changes and the extension of the existing withholding exclusion for capital gains from the redemption or transfer of units or shares in Spanish collective investment institutions that are considered listed investment funds or investment companies.

This exclusion is now extended to equivalent collective investment institutions incorporated in other countries, regardless of whether they are listed in domestic or foreign markets, provided that their nature and operating regime are similar to those of institutions incorporated in Spain.

The Corporate Income Tax Regulations are amended in line with the modification of the withholding exclusion introduced in the Personal Income Tax Regulations. In the Regulations for the management of the taxes of the Historical Territory of Bizkaia, the option is established so that taxpayers may specify certain days on which notifications may not be sent to them through the electronic office of the Provincial Council of Bizkaia.

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