On 29 December 2022, one day after the publication in the Official State Gazette of Law 38/2022, the Temporary Tax on the Solidarity of Major Fortunes (ITSGF), better known as the Tax on Major Fortunes, came into force. Its implementation has not been without controversy due to its peculiarities. One of these is that it… Continue reading How is the Tax on Large Fortunes calculated?
Tag: business
New jurisprudence on asset-holding companies
According to the Audiencia Nacional in the present case, it can be inferred that, given the circumstances and evidence presented, the plaintiff company is not carrying out an economic activity as defined by the regulations. Therefore, it cannot be said that more than 50% of its assets are dedicated to an economic activity. The Judgment… Continue reading New jurisprudence on asset-holding companies
Tax advisor: Is it possible to deduct VAT on services in a property partially used for business?
The deduction of VAT on water, gas, electricity and telephone services in properties used for both business and residential purposes was a controversial issue in tax matters. The Treasury and the General Directorate of Taxes had maintained a restrictive position in denying this deduction. However, a recent Resolution of the Central Economic-Administrative Court (TEAC) issued… Continue reading Tax advisor: Is it possible to deduct VAT on services in a property partially used for business?
Tax Advisor: Corporate Tax deductions
In the year 2023, capital companies, such as corporations and limited companies, are subject to a general tax rate of 25%. However, it is important to mention that there is a reduced rate for small companies, which represents a fiscal novelty in that year. Additionally, there is a 15% tax rate applicable to newly created… Continue reading Tax Advisor: Corporate Tax deductions