The General Directorate of Taxes (DGT) has issued a relevant resolution regarding the dissolution of a community of assets formed by a single asset, which is allocated to one of the co-owners, who financially compensates the rest of the co-owners. In this context, where excess allocation is inevitable, it has been determined that the taxable… Continue reading No capital gains are generated in the dissolution of a singular community of assets
Tag: Community of Madrid
Temporary Tax on Large Fortunes extended
The Temporary Solidarity Tax on Large Fortunes is, in principle, no longer temporary. This has happened through Royal Decree-Law 8/2023, of 27 December, adopting measures to deal with the economic and social consequences of the conflicts in Ukraine and the Middle East, as well as to alleviate the effects of the drought, which was approved… Continue reading Temporary Tax on Large Fortunes extended
Temporary Tax on Large Fortunes: what is it, how does it work and who pays it?
The recent approval before the Constitutional Court of the Solidarity Tax on Large Fortunes (ISGF) has clearly marked the tax landscape, given the debate that this tax has sparked. This tax, designed, in principle, on a temporary basis for the tax years 2022 and 2023, has been conceived as a measure to counteract the total… Continue reading Temporary Tax on Large Fortunes: what is it, how does it work and who pays it?
The Community of Madrid Initiates the process for processing deduction in Personal Income Tax to attract foreign investment
The Community of Madrid, within the framework of its legislative prerogative, has initiated the processing of the new deduction contemplated in the Personal Income Tax (IRPF), with the purpose of promoting and attracting foreign investments. This process is based on the aim of fostering international investment in the Madrid region, and aligns with the regulatory initiative… Continue reading The Community of Madrid Initiates the process for processing deduction in Personal Income Tax to attract foreign investment
Tax Advisor: Tax residence of individuals in spain
The main criteria for determining the tax residence of individuals is the time spent in Spanish territory. The number of days spent in Spanish territory includes both days of physical presence as well as sporadic absences. Given the nature of sporadic absences as an indeterminate legal concept, in order to determine the number of “days… Continue reading Tax Advisor: Tax residence of individuals in spain
Tax Advisor: Tax Reforms in Madrid for 2024: Changes in the Wealth Tax (IP) and Personal Income Tax (IRPF)
The Community of Madrid has approved Laws 12/2023 and 13/2023, both dated December 15, introducing modifications with effects from 2023 that impact, respectively, the Wealth Tax (IP) and Personal Income Tax (IRPF). The modification in the Wealth Tax (IP), approved by Law 12/2023, implies the suspension of the regional 100% discount on the IP quota… Continue reading Tax Advisor: Tax Reforms in Madrid for 2024: Changes in the Wealth Tax (IP) and Personal Income Tax (IRPF)
Tax Advisor: Fiscal Transformation in Madrid: From 100% Tax Relief to a New Paradigm
Since 2008, the Community of Madrid has maintained a complete 100% tax relief on the Wealth Tax, arguing that this tax is perceived as unfair and ineffective, in line with the majority of tax doctrine and comparative law, where most European Union and OECD states do not apply it. However, Law 38/2022, dated December 27,… Continue reading Tax Advisor: Fiscal Transformation in Madrid: From 100% Tax Relief to a New Paradigm
Tax Advisor: Legislative Titles in the Community of Madrid: Tax Reforms and Deductions for the Fiscal Year 2023
The Official Gazette of the Community of Madrid on December 21, 2023, has published Law 12/2023, dated December 15, which introduces temporary adjustments to the bonus for the Wealth Tax in the Community of Madrid during the validity of the Temporary Solidarity Tax on Large Fortunes (ITSGF). According to the amendment, from January 1, 2023,… Continue reading Tax Advisor: Legislative Titles in the Community of Madrid: Tax Reforms and Deductions for the Fiscal Year 2023
Tax Advisor: Extension of the deductions in the Personal Income Tax of the Community of Madrid for 2023
Law 10/2023, of April 12th, which has been published in the Official Gazette of the Community of Madrid, has modified the Law of Madrid’s Assigned Taxes. The objective is to incentivize improvements in rental housing through the introduction of new deductions in the Personal Income Tax. New measures Among all the new measures we will… Continue reading Tax Advisor: Extension of the deductions in the Personal Income Tax of the Community of Madrid for 2023
Tax advisor: The bank certificate is sufficient to prove the loss due to the transfer of financial investments between related companies
The question that arises is the deductibility of losses due to the transfer of financial investments between related companies. The Administration has denied the deduction of the due to the bankruptcy of the related company, considering that the evidence provided by the plaintiff was insufficient. The Chamber considers that the subject matter of the appeal… Continue reading Tax advisor: The bank certificate is sufficient to prove the loss due to the transfer of financial investments between related companies