By Sara Duarte, accountant and tax adviser in Spain, General rules to produce an invoice in Spain.
Entrepreneurs and professionals who carry out an activity in Spain are under the obligation to issue an Spanish invoice and a copy of the same for the delivery of goods and services carried out and to keep a copy of the invoice issued. They also have the obligation to issue an invoice for any advance payments received with the exception of exempt Intra-Community deliveries of goods.
In all cases the Entrepreneurs and professionals are under the obligation to issue an Spanish invoice when they fall under the following cases:
FISCAL RESIDENT IN SPAIN.
The tax consultants of the Spanish law firm, Arcos & Lamers Asociados, wish to point out an important detail concerning the Income tax in Spain mentioned at the law 16/2012, of 27th December, establishing several measures aimed to consolidating public finances. This change does affect to the Spanish Income tax rules applicable to financial year 2013 that should be declared in 2014.
Elimination of the deduction for home investment.
By Arcos & Lamers Asociados, Tax consultants in Marbella.
Tickets disappeared and have been replaced by “simplified invoices”.
This has taken place pursuant to the Royal Decree 1619/2012, of 30th November, approving the Regulations that govern the obligations to issue invoices.
The simplified invoice is a document that has replaced the usual tickets, with some changes included. The simplified invoices have less information than usual invoices.
Who has the right to issue simplified invoices?
Lawyer in Spain, Mr. Félix Ruiz, is informing you on potential complementary tax settlements.
If you are a purchaser of a property in Spain and agree to a certain price with the vendor, you may receive from the corresponding Spanish Tax Office a “Complementary settlement”, once signed the Purchase and Sale Title Deed. Regional and National Inland Revenue may claim the settlement of the tax according to criteria established by law inSpain. The tax authority is empowered to review the values set by the parties freely.
In Andalucía, the Order of February 13, 2013approves the coefficients applicable to the cadastral values (rateable value) to estimate the real value of properties in order to settle additional bill´s with regards to the transfer tax and stamp duty, inheritance and gift tax inSpainand or the well know Capital Gain Tax. This Spanish law establishes the rules for applying them and the methodology used to obtain valuations on properties in Spain.
Income tax in Spain
Tax adviser in Spain informing on Spanish Income Tax.
The initial name of the Spanish income tax was “general contribution to Spanish income” (contribución general sobre la renta) , which was approved, long time ago, by the law of November 20, 1932, under the government of Mr. Manuel Azaña and as Minister of Finance Mr. James Carner Romeu. The law, which took effect on January 1, 1933, set a minimum exemption of 100,000 pesetas and tariffs from 1 to 7.70%.
By Act of November 14, 1935, as Minister of Finance Joaquin Chapaprieta, the free threshold was lowered to 80,000 pesetas and maximum rates were increased upto 11%, maintaining the minimum 1%. Several relevant amendments took place between 1940 and 1960. Central Spanish State reform in a decentralized state in the 90s resulted in more changes.
During the last decade additional changes have been introduced in the Spanish tax law leaving the following scales applicable for year 2012. With other words, the Income Tax declaration to be presented in 2013 that entitles income information obtained during 2012 will be taking into account the following scales: Read more »
Income tax in Spain
INCOME TAX FISCAL RESIDENTS IN SPAIN.
Pursuant to article 96 of the Spanish Income Tax law and article 61 of the regulation (reglamento) of the mentioned law, the following persons are required to submit the Income tax declaration of 2012 in Spain.
a) Taxpayers who have obtained an income in the year exceeding the amounts for each class or source that are highlighted below.
b) Those taxpayers in Spain who, regardless of the amount and nature or source of the income earned, would be entitled to a deduction for investment in there prime home, special savings account for the purchase of their first home, international double taxation, or have made contributions to individuals with disabilities, pension plans, insured pension plans, corporate pension plans, etc.
c) Taxpayers in Spain who are required to file the Spanish income tax and apply for the refund arising from the Income Tax regulation to which they are entitled if proceeds.
d) Taxpayers who are not required to file their Spanish Income Tax due to the amount and nature or source of their income earned during the year, but are applying for the refund arising from the Income Tax regulation in Spain.
Who is not required to file Spanish Income Tax at the Inland Revenue?
Applicable for individuals who are tax residents in Spain.
Income Tax in Spain
Due to many inquiries that the tax lawyers of our firm receive every year, the multi-lingual tax advisers of Arcos & Lamers Asociados, your accountant and tax adviser in Spain, would like to lay out the corresponding deadlines applicable on Spanish Income Tax.
This year 2013, the possible “online” submission of the corresponding Income tax and Wealth Tax for Tax residents in Spain started on 24th April.
26/06/2013 will be the last day for filing the Income Tax form stating an automatic direct debit on Spanish personal bank accounts.
28/06/2013 will be the last day to request “customer service” meetings at the corresponding Inland Revenue in Spain.
On the 01/07/2013 the Spanish Income tax campaign ends for 2012. Last day to file Income Tax returns 2012 and Spanish Wealth tax 2012. Read more »
Accountant in Spain
Accountants in Spain.
Spanish multi-lingual proactive law firm, Arcos & Lamers Asociados, has recently launched, in addition to our weekly posts at our blog, a new micro web under the title “Accountants in Spain” providing deep going information on the Spanish Tax system, Spanish accountancy rules and tax advice that our firm provides to Spanish and north European communities, individuals and companies in Spain. Please find below a summary of the different areas we have taken into account providing answers to inquiries that our firm receives on a daily basis. Read more »
This time, Arcos & Lamers Asociados has the pleasure to inform you on another relevant reduction at the Spanish Tax System, this time, specifically at the Income Tax in Spain for tax residents who start to carry out an economical activity as from 01.01.2013 (I.R.P.F, Impuesto sobre la renta de las personas físicas) as mentioned at Spanish Law 04/2013 of 22nd February, which is meant to improve and increase Spanish economy.
Specifically chapter two of the mentioned law is including relevant reductions at the Spanish Income Tax. Of course, limitations on these reductions have been included as well. The reduction entitles a relevant decrease of 20% of the positive income generated. Congratulations!
Limitations to the mentioned reductions:
Bad Debts
Is your company having cash flow problems due to the delay of payments of your client/s? Invoices have been raised and VAT have been paid to Spanish Inland Revenue although your company has not got paid yet by its client/s?
Sara Duarte, professional English speaking Spanish accountant in Marbella of Arcos & Lamers Asociados is informing you on the way forward!.
At the present time many companies are suffering with Debts from which they are having difficulty to recover. If this is happening with your Company you will need to now the following:
A debt can be considered a total or partial “Bad Debt” when all the following conditions apply:
Services:
