The Tax Agency has published a note regarding the application of tax credits by the consolidation group. The content is mainly based on deductions from previous years and tax loss carryforwards. On the occasion of the introduction of the new tools provided by the AEAT for taxpayers who are under the special tax consolidation regime… Continue reading Tax advisor: Application of tax credits for the consolidation group
Tag: Spain
Tax advisor: Tax benefit extended to companies for the promotion of events
The Supreme Court (SC) has confirmed its new position on taxation and has established that private companies can deduct up to 15% in corporate income tax for advertising or promotional expenses related to events of general interest, such as a sporting event in a city. The SC has modified its criterion on taxation and has… Continue reading Tax advisor: Tax benefit extended to companies for the promotion of events
Tax Advisor: Deductions in the Personal Income Tax return
When the time comes to file the Personal Income Tax return, the citizen must know which deductions he/she can apply for. Below, we will mention the main activities subject to deductions: – In order to take advantage of the tax benefits of a pension plan, it is important to bear in mind that the contributions… Continue reading Tax Advisor: Deductions in the Personal Income Tax return
Tax Advisor: Changes in the VAT Law and in the Excise Taxes Law
On May 9th, 2023, Law 11/2023 of May 8th was published in the Official State Gazette (BOE), which transposes the European Union Directives regarding the accessibility of certain products and services, the migration of highly skilled individuals, taxation and the digitalization of notary and registry processes. Also, an amendment is made to Law 12/2011 of… Continue reading Tax Advisor: Changes in the VAT Law and in the Excise Taxes Law
Tax Advisor: Assets abroad do not exempt you from paying taxes in Spain
Owning assets abroad does not make you exempt from your tax obligations. It is necessary to know which of these possessions must be declared and how to do it. In the first quarter of the year it is necessary to submit Form 720 specifying the assets located abroad. It is an informative form so that… Continue reading Tax Advisor: Assets abroad do not exempt you from paying taxes in Spain
Tax advisor: Deductions for a rehabilitated property finally destined for renting
A tax payer bought a property and paid the Transfer Tax and Stamp Duty (modality of Onerous Patrimonial Transfers). She is currently carrying out renovation work on the property, as stipulated in article 20.1.22 of the VAT Law, with a view to selling the building once it is complete. During the renovation works, VAT is… Continue reading Tax advisor: Deductions for a rehabilitated property finally destined for renting
Tax advisor: New instructions on tax deferrals and tax instalment payments
The Director of the Tax Agency’s Collection Department has issued two complementary instructions to Order HFP/311/2023, of March 28th, to establish a more flexible scheme for the processing of deferrals and payment by instalments. The Order aims to extend the amount of the exemption from the obligation to present guarantees required for the granting of… Continue reading Tax advisor: New instructions on tax deferrals and tax instalment payments
Tax advisor: Things to do once the personal income tax return has been submitted
After filing the Personal Income Tax (IRPF) return using form 100, there are several options that the taxpayer can carry out. In this article, we describe the alternatives available once the return has been filed. Consult a return The law gives the Tax Agency a period of six months to issue the provisional liquidation that… Continue reading Tax advisor: Things to do once the personal income tax return has been submitted
Tax advisor: Impossibility for divorced people to deduct the electricity bill of their children’s home
The Personal Income Tax Act does not allow divorced taxpayers to deduct in their income tax return the maintenance expenses of the family home where their ex-wife and children live, even if they have committed to pay them. The Directorate General of Taxes (DGT) has recently clarified that it is only allowed to subtract the… Continue reading Tax advisor: Impossibility for divorced people to deduct the electricity bill of their children’s home
Tax advisor: Form 390 VAT; operations under the simplified regime
We will now discuss how to complete the annual VAT summary form in relation to transactions carried out under the simplified regime. Before delving into this analysis, it is important to note that VAT taxpayers who are required to file periodic payment returns with a quarterly settlement period, and who only carry out activities that… Continue reading Tax advisor: Form 390 VAT; operations under the simplified regime