In 2022, the national level approved the Tax on Large Fortunes, which obliged many Autonomous Communities to modify their regulations regarding Wealth Tax. Among them, the Community of Madrid, which also made adjustments to its tax. Since 2008, a 100% rebate was applied to the Wealth Tax quota. However, with the introduction of the new… Continue reading FISCAL INNOVATIONS IN THE COMMUNITY OF MADRID FOR 2024: TAX ON LARGE FORTUNES, PERSONAL INCOME TAX AND WEALTH TAX
Tag: income
The article 7p personal income tax exemption: a complete guide
If you have the chance to find work abroad, and you are offered the opportunity to move temporarily outside Spain, or to provide training for a branch of your company in another country, you may find yourself in a situation where you have the opportunity to work abroad. If this is your case, pay attention… Continue reading The article 7p personal income tax exemption: a complete guide
Renta 2023 Campaign: New tax incentives in the Community of Madrid to attract foreign investment
The Renta 2024 in Madrid starts with innovative measures and a new personal income tax deflation, while progress is being made in the processing of a personal income tax deduction to attract foreign investment. Although we have already known about the personal income tax deflation in Madrid for months, progress is now being made on… Continue reading Renta 2023 Campaign: New tax incentives in the Community of Madrid to attract foreign investment
Tax advisor: The newly implemented wage tax in 2023: how does the new wage tax decrease revenue?
To enhance the pension system without placing an undue burden on the younger population, the Intergenerational Equity Mechanism (MEI) will be temporarily introduced on employees’ salaries. This mechanism will account for 0.6% of the contribution base for common contingencies, with the company covering 0.5% and the worker covering 0.1%. For instance, in the scenario of… Continue reading Tax advisor: The newly implemented wage tax in 2023: how does the new wage tax decrease revenue?
Tax Advisor: The Superior Court of Justice of Madrid states that, if there is no evidence of a relationship between expenses and income, budgets are not deductible in Corporate Tax
The Chamber begins by pointing out that the entity’s budgets do not support the relationship between the expenses in question and the income. The volume of operations of the company does not demonstrate that the expenses on restaurants, gasoline or gifts are linked to the profits derived from the commercial relationship with the clients. As… Continue reading Tax Advisor: The Superior Court of Justice of Madrid states that, if there is no evidence of a relationship between expenses and income, budgets are not deductible in Corporate Tax