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NO MORE TAX REDUCTION FOR INVESTMENT IN A PERMANENT RESIDENCE IN SPAIN.

Less deductions at Spanish Income Tax.

As per Spanish accountants, Arcos & Lamers Asociados, the government in Spain has accomplished what had been discussed in 2012. The tax reduction for investment in a permanent residence for all taxpayers who are fiscal residents in Spain is no longer a fact when acquiring a property after 1st January 2013.

economist in marbella

Nevertheless, there is a transitory regime that allows taxpayers in Spain to make the reduction if at 1st January 2013:

 they had acquired their usual residence or had paid towards the construction of their property in Spain.

 they had paid towards the reforms or extension of the Spanish property.

 they had paid fees to carry out work or installations to adjust the property for disabled people.

INFORMATIVE DECLARATION OF ASSETS & RIGHTS LOCATED OUT OF SPAIN – TAX DECLARATION 720.

Ms. Sara Duarte, accountant in Spain, is pleased to line out some information of new tax declaration form nº720. In the prevention and fight against tax fraud an adaptation of the Spanish Tax Law 58/2003 has been approved (Spanish law 7/2012 of 29th October) and the obligation to comply with the same will apply already for the fiscal year 2012.

tax advisor in marbellaAs a result of the tax law adaptation there will be a new obligation that will require declaring specific information regarding all assets & rights situated abroad including:

• Information about accounts in financial institutions located abroad. • Information about securities, rights, insurance and annuities deposited, managed or obtained abroad. • Information of ownership or rights to real estate located abroad.

WILL IN SPAIN BY SPANISH LAW FIRM IN MARBELLA ARCOS & LAMERS ASOCIADOS

There are several issues to be clarified for non residents individuals in Spain, when they decide whether they wish to grant a Will in Spain, to the contrary, if they choose not to grant the same as they have already got a Will in their country of residence.

will in spainArcos y Lamers Asociados, Spanish law firm settled in Marbella specialized in Spanish Inheritance procedures, recommends in any case, the granting of your Will in Spain before a Spanish Notary, for your assets located in Spain, since it will mean in the future, a streamlining in the procedure for acceptance and receiving the inheritance in Spain by the appointed heirs.

SPANISH CAPITAL GAIN TAX INCREASE FOR THE YEAR 2013 APPLICABLE FOR RESIDENTS ONLY.

Regretfully It’s official. As of 1st January 2013 there is a large increase of Spanish capital gain tax on the sale of properties generated with a period not exceeding of one year. The so called short term capital gain!.

lawyer in MarbellaThis change has been included in the Spanish General budgets for 2013 (Presupuestos Generales del Estado- P.G.E.), and we can confirm that this will, regretfully, mean an increase in the Spanish income tax for residents. The short term capital gain tax is as per the beginning of 2013 taxed at the marginal rate of Spanish Income Tax, which goes between 24.75 and 52% for short-term gains produced in trading financial operations (sale of mutual funds, stocks, etc…) and real state (homes, premises, land,….). This change is only applicable for the gain generated less than a year from date of purchase to the date of sale.

SPANISH ROAD TAX

Tax on vehicle

Spanish road tax

Auxi Gutierrez, office manager of multilingual law firm in Marbella, Málaga, Spain is pleased to set out some lines with regards to the Spanish Tax on vehicles (Impuesto sobre vehículos de tracción mecánica IVTM). The tax on vehicles is a local municipally mandatory tax, established in Spain. This settlement of this Spanish tax is handled directly by the corresponding Town hall where cars and motorbikes are registered.

The IVTM is a Spanish tax on the ownership of motor vehicles, suitable for use on public roads.

How is this tax regulated in Spain?

You will find the regulation of this Spanish Tax in the revised Regulation Act Local Taxation (Royal Legislative Decree 2/2001 of March 5).

This tax would be applicable for all vehicles with Spanish plates except for those mentioned below

LAWYER IN MARBELLA, COMMUNITARY TRADE MARK vs INTERNATIONAL REGISTRATION

trademarks lawyer

trademarks

This time, Mr. Féliz Ruiz Peña, professional English speaking lawyer in Marbella of Arcos & Lamers Asociados has the pleasure to provide you few lines on a fundamental element of your business organization, that will allow you to distinguish your products and / or services as from the competitors, approaching it from a international point of view, distinguishing between the communitary trade mark and international trademark procedure.

To learn more about national Spanish trade marks procedures please visit our web TRADEMARKS AND PATENTS

A communitary trade mark is valid across the territory of the European Union, registered with the Office for Harmonization in the Internal Market (OHIM) (Alicante, en Avda. de Europa, 4, 03008 Alicante), although the application can also be presented at the Spanish Office of patent and trade marks (with main office in Madird, Paseo de la Castellana, 75, 28046 Madrid).

SPANISH CHAMBER OF COMMERCE.

Accountants in Málaga

Spanish Chamber of Commerce

As per English speaking efficient accountant in Marbella, Ms. Sara Duarte Davison, the Spanish Chamber of Commerce is a Public Right Corporation which is legally bound as an advisory body and collaborator with all the Public Authorities and its main aim is to represent, promote and defend the general interest of the Spanish Trade, Industry and Navigation as well as to provide their services to businesses which are engaged in the above activities.Each local Spanish Chamber tries to collaborate with the local businesses by providing them with information and guidance to enable them to improve, grow and support the export of products amongst other services.

By Spanish law all self-employed entrepreneurs and businesses have to settle an annual fee which is linked to the IAE (Business Activity Tax- Impuesto sobre Actividades Económicas). The opposition from some taxpayers to the compulsory member’s fee grew as many entrepreneurs felt that they were not obtaining any benefit from the Chamber and strongly suggested for the membership to be voluntary.

On the 3rd of December 2010 it was published at the Official Spanish State Gazette the RD Law 13/2010 which modified the previous Law 3/1993 stating that the membership to the Chamber of Commerce will be voluntary and therefore also its fees.

New owners of a property in Spain. Spanish Community of owners

community of owners in SpainWhen you have decided to purchase a property in Spain, the purchaser must ensure that all outstanding ordinary fees as approved by the Spanish community of owners are properly settled by the current owner (the vendor). Obviously, this is applicable to both dwellings and commercial premises forming part of a Spanish Community of owners.

Article 9.1.paragraph e) of the Act 49/1960, about Spanish property in Condominium Law (Ley de Propiedad horizontal) amended by the Act 8/2013 of 26th June on Rehabilitation, Regeneration and Urban Renewal” establishes that it is the obligation of the owner “to contribute, in accordance with the fee participation specified in the title or specially established, to the general costs for the proper maintenance of the property, its services, charges and responsibilities that are not subject to individualization”.

One should take into account as well that credits in favour of a Spanish community of owners arising from the obligation to meet the overhead costs corresponding to the fees for the current year and the three previous years are considered preferential credits.

SPANISH LAYWER IN MARBELLA INFORMING ON “LIEU OF PAYMENT” (DEED IN LIEU OF FORECLOSURE) AND OTHER LEGAL INSTRUMENTS IN FIGHTING EVICTIONS PROCEDURES (II)

Dación en pago

Lawyer in Marbella inforning on dación en pago II

Mr. Félix Ruiz Peña, English speaking Spanish lawyer in Marbella, would like to set our some notes with regards to some notes on the so called Spanish “Dación en Pago”. Although the Spanish mortgage law in article 140 regulates a form of “lieu of payment” (dación en pago) (“Notwithstanding the provisions of Article 105, may validly be agreed in the Voluntary Mortgage Title Deed that the secured obligation becomes effective only upon the properties object of the mortgage // In this case, the liability of the debtor and creditor action, by virtue of the mortgage, will be limited to the value of the mortgaged property, and will not reach the other assets of the estate of the debtor …. “), however, it can only be agreed between the creditor before formalizing the loan. There must be very few people that in their papers equity loan have reflected this clause of Article 140 of the LH.

BUSINESS ACTIVITY TAX IN SPAIN (IAE – IMPUESTO SOBRE ACTIVIDADES ECONOMICAS) BY EFFICIENT ACCOUNTANTS IN MARBELLA, SPAIN

TAXES IN SPAIN

TAX IN SPAIN BRUEGHEL EL JOVEN

English speaking efficient Accountants in Marbella, Spain sets out below mentioned some lines with regards to the Spanish Activity Tax (IAE). The below mentioned information is relevant in the event you wish to start an business in Spain or already carry out an economical activity. In general terms the business Activity Tax (IAE) is a direct tax, due by all individuals and legal entities as referred to in art. 35.4 of the Spanish Law 58/2003 of December 17th,, as long as they are engaged on a business, professional or artistic activity on National Territory. However, there are some exemptions.

Exemptions of this tax in Spain:

The following amongst others are exempt: