Insurance, reinsurance and capitalization services, as well as the financial services, referred to in article 20.legal services and transfer of intangible assets, etc.) provided to recipients, who are not entrepreneurs or professionals. As from 2023 this rule would not apply except in the following situations: According to this rule, certain services provided to a customer established in a non-European Union State are deemed to be located in Spain and thus subject to Spanish VAT when such services are actually used and enjoyed in Spanish VAT territory. The Spanish Government proposes to limit the scope of services falling under the current so called “use and enjoyment rule”. It also introduces a tax regime for the Balearic Islands for tax periods 2023 to 2028, including (i) a deduction on the taxable base for investments made in the territory of the Balearic Islands, capped at 90% of the non-distributed profits obtained by establishments located in such territory, and (ii) a reduction of the tax quota for the sale of certain goods produced in the Balearic Islands by taxpayers resident or acting through a permanent establishment in such territory. The 2023 Budget reduces the tax rate from 25% to 23% for taxpayers with a net turnover in the last tax year below EUR1 million, excluding entities forming part of a mercantile group and passive holding companies. In addition, taxpayers will not be obliged to file their tax return when obtaining salaries below EUR15,000 (currently EUR14,000) and the effective tax rates will be reduced for salaries below EUR19,747.50. dividends, interest and capital gains) establishing a new 27% rate for income between EUR200,000 and EUR300,000 and a new 28% rate for income exceeding this threshold. The Spanish Government proposes to increase the tax rates applicable to “savings income”(eg. The most relevant measures are summarized below. On 6 October 2022, the Spanish government approved the draft of the 2023 Budget Act (“the 2023 Budget”), which includes several tax measures.
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