The deadline for filing the Income Tax Return for the 2023 fiscal year – the annual declaration of the Personal Income Tax (IRPF) – ends on July 1, 2024. Therefore, in order to optimize the tax result and minimize the tax burden, it is essential to become familiar with the deductions to which one is… Continue reading Main deductions in the IRPF 2023 declaration
Tag: tax deductions
Advantages and disadvantages of filing the Income Tax return jointly
At the beginning of the period for filing the Personal Income Tax (IRPF) return, it is common for couples to consider whether it is more beneficial to opt for joint or individual filing. While joint filing can bring advantages in various cases, its convenience is not always evident. This article analyzes when it may be advantageous to file jointly… Continue reading Advantages and disadvantages of filing the Income Tax return jointly
Fiscal Updates for the Year 2024
In a recent binding resolution, the Directorate-General of Taxes (DGT) has relaxed its criteria regarding the accreditation of environmental deductions, establishing a maximum period of 15 years, even when investments were made in previously inspected fiscal years. Article 39 of the Consolidated Text of the Corporate Income Tax Law (TRLIS) (Royal Legislative Decree 4/2004, of… Continue reading Fiscal Updates for the Year 2024
Taxation of environmental investments: flexibility in deduction accreditation according to new DGT Resolution
In a recent binding resolution, the Directorate-General of Taxes (DGT) has relaxed its criteria regarding the accreditation of environmental deductions, establishing a maximum period of 15 years, even when investments were made in previously inspected fiscal years. Article 39 of the Consolidated Text of the Corporate Income Tax Law (TRLIS) (Royal Legislative Decree 4/2004, of… Continue reading Taxation of environmental investments: flexibility in deduction accreditation according to new DGT Resolution
Fiscal changes in the new year whats in store for taxpayers in 2024?
The year 2024 brings significant fiscal changes that will impact taxpayers. From adjustments in taxes on rental properties to modifications in income tax declaration obligations, including the reinstatement of the Wealth Tax in certain regions and expansions in deductions for energy efficiency improvements and donations. Here are the key transformations that may affect taxpayers: More… Continue reading Fiscal changes in the new year whats in store for taxpayers in 2024?
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: Madrid approves deflation of the Personal Income Tax (IRPF) and partial recovery of the Wealth Tax
The Madrid Assembly has given the green light for the second consecutive year to the deflation of the regional scale of the Personal Income Tax (IRPF). This measure, which will apply a 3.1% adjustment, equivalent to the average increase of the CPI during the first eight months of 2023, will be in effect in the… Continue reading Tax Advisor: Madrid approves deflation of the Personal Income Tax (IRPF) and partial recovery of the Wealth Tax
Tax Advisor: Adjustments to the tax legislation of the Community of Madrid
In this article, we will discuss the recent tax legislation of Madrid. In its ruling 149/2023 dated November 7th, the Constitutional Court rejected the challenge to the Temporary Solidarity Tax on Large Fortunes. Arguments included violations of “ius in officium,” financial autonomy of the Community of Madrid, the organic law reservation, and principles such as… Continue reading Tax Advisor: Adjustments to the tax legislation of the Community of Madrid
