Wealth tax in Spain
As previously informed by this Spanish law firm and accountants in Marbella, Arcos & Lamers Asociados, wealth tax in Spain had been restored temporarily only for the years 2011 and 2012. Nevertheless since last 28th December 2012 several new tax measures appeared aiming for consolidation of public finances and the promotion of economic activity in Spain. One of the measurements is the extension for 2013 of the Wealth Tax in Spain. As per present Spanish law it again introduces a general exemption of 100% as from 1st January 2014, which means that the Wealth tax in Spain would stop to be due, as per present law, in 2015.
Arcos & Lamers Asociados, Spanish lawyers, registered accountants and tax advisers are pleased to inform you about your tax liabilities in Spain, to grant the corresponding tax forms, whether you are resident, non resident, an individual or company. Do not hesitate to contact this multi-lingual Spanish law firm at any time and all your tax and legal matters in Spain will be treated within the below mentioned rules of conduct:
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!.
This 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.
Tax advisers of law firm, Arcos & Lamers Asociados, are pleased to write some lines with regards to the history of Spanish Wealth Tax.
The wealth tax in Spain was introduced for the first time in 1978 as by law 50/1977, of 14 November. The same was introduced as urgent measurement for a fiscal reform (B.O.E. of 16 November), developed by the Spanish Ministerial order of 14 January 1978 (BOE 17 January) that established the wealth tax for individuals (IEPPF) had an extraordinary status. Spain was on his initial steps of democracy and the existence of a progressive tax system had to be proven. Read more »
Thousands of expats could be eligible for a winter fuel payment under the terms of an EU ruling.
The announcement is good news for the estimated 100,000 British pensioners who live in Spain, many of whom are not able to claim the allowance under current laws.
Previously, elderly expats could only receive the payment if they turned 60 before leaving Britain and if they had left after the payment was introduced in 1998. Read more »
Cotton Traders, a British clothing and footwear company celebrating its 25th year in business, has shown confidence in the Spanish market by expanding their offer into Spain, bucking economic climate and consumer confidence trends.
Following a joint press conference held after their meeting Mariano Rajoy and Angela Merkel hosted the closing ceremony for the business conference held at Moncloa Palace in parallel to the meeting between the two leaders.
In his speech at the closing ceremony, Mariano Rajoy underlined the importance of the trade and investment ties that exist between Spain and Germany.
In his opinion, the strong bilateral ties between the two countries can only be explained by the integration process being enjoyed in Europe. “The Euro has facilitated economic and financial integration, and both Spain and Germany have benefitted in particular from that”, said the President of the Government. Read more »
Sheikh Abdullah Bin Nasser Al Thani, who recently purchased Malaga FC has unveiled his intention to build a second Puerto Banus style complex in Marbella’s Bajadilla marina.
The project would require an investment of 70 million euros and include the expansion of the marina with 400 additional moorings for small and medium-sized yachts. Read more »
Publication of official mortgage market reference rates – EURIBOR, MIBOR and IRR on government bonds with two to six year maturities traded in the secondary market. The aforementioned rates only become official upon publication in the Spanish official gazette. Read more »
The Spanish law firm, Arcos & Lamers Asociados, has the pleasure to line out some details with regards to the Spanish Bankruptcy proceedings.
The declaration of Spanish Bankruptcy is governed by the Spanish Law – Bankruptcy Act 22/2003 passed on 9th July 2003. When a debtor is unable to fulfil his financial obligations and has become insolvent, he may apply for a declaration of bankruptcy, justifying his indebtedness and state of insolvency. The bankruptcy petition may also be presented by any of the debtors’ creditors.
