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Spain Tax 2016


May 2016
In 2016,starting January 1, 2016 the new corporate income tax rate in Spain is 25% , reduced from the previous 28% tax rate.
Tax withholding rates for payments of dividends, interest and branch remittance are reduced from previous 19.5% rate to 19%.


Spain France Social Security Agreement


September 2014
The social security agreement between Spain and France which was signed in December 2011 entered into force on September 1, 2014.
In general the applicable laws are in the country where the employees perform their work, yet for temporary employment of less than 24 months the legislation of the permanent residence county applies, with an optional extension to additional 24 months.


Spain U.S. Tax Treaty


February 2013
Spain and the U.S. signed on January 14 a new double tax treaty, DTA, amending the existing tax treaty between the two countries.
The new DTA includes, inter- alia, exemption from capital gain tax in case of share selling, subject to terms.
In addition there is an exemption from tax withholding from payment of interest and royalties.
The withholding rate for payment of dividend is 0%/5%/15%.


New Reporting Rules of Overseas Assets


December 2012
According to a decree dated November 15, 2012 all Spanish resident entities and individuals must file an annual return for overseas assets and rights exceeding EUR 50,000 at any date of the calendar year.
The new rules apply from the tax year 2012 onwards. The return has to be filed in the following year between January 1st to March 31st.
For 2012 the reporting dates are 1.1.2013 to 31.3.2013.


Spain V.A.T. Rise


July 2012
The Spanish prime minister announced on July 11, 2012 a new round of budget cuts in the coming two and a half years totaling EUR 65 billion.
The tax measures include increase of the V.A.T. rate from the current 18% rate to 21%.


Spain Personal Tax Rates 2012


January 2012
Starting January 1, 2012 there is an additional 0.75%-7% tax which is imposed in additional to the regular progressive rates of 24% -45%.
The additional 0.75% tax is imposed on income of up to EUR 17,707 while the 7% tax is imposed on income exceeding EUR 300,000 resulting in a top marginal 52% rate compared to the previous 45% rate.
For saving income, e.g. interest and dividend, there is an additional 2%-6% tax which is added to the previous 19%/21% rates.
The new tax hike is a part of the Spanish austerity measures.


Spain Hong Kong Double Tax Treaty


April 2011
Spain and Hong Kong signed on April 1 2011 a DTA, double tax treaty.
According to the tax treaty the withholding rates for royalties and interest are 5%. The withholding rate for dividend is 10%, or exempt when the recipient is a company holding 25% or more of the paying company.


Spain's GDP Decreased by 1.3%


May 2010
According to an advance estimate by the statistics office the Spanish GDP decreased by 1.3% in the first quarter of 2010 , as compared to the same period in 2009.

Spain's Credit Ranking Downgraded


April 2010
The credit rating agency Standard & Poor's downgraded on April 28, 2010 Spain's credit rating one step, from the previous AA+ to AA. Spain's previous downgrade was in January 2009.
Spain's downgrade follows the downgrading of Greece and Portugal by S&P on 27/4/2010.
Spain's economy is about four times bigger than Greece's economy and about six times bigger than Portugal's economy.


Spain 2010 New Tax Rates


February 2010
According to the Spanish Budget Law from 1.1.2010 the standard 30% corporate tax rate would be reduced to 20% for SMEs, small and medium size enterprises. The current 18% income tax rate on saving income would be raised to 19% for income up to EUR 6,000 and 21% for income exceeding this limit.
From 1.7.2010 the standard V.A.T. rate would be raised from the current 16% rate to 18%.


Spain New 43% Tax Rate for Footballers


November 2009
The Spanish government plans to raise the tax rate for foreign football players earning more than EUR 600,000 per year.
Currently foreign footballers pay 24% tax under the "Beckham Law" effective from 2002. From 1.1.2010 the new tax rate will rise to 43%. The new tax rate will apply only to new contracts signed by foreign footballers and skilled people from 1.1.2010 onwards.
So far, due to the 24% low tax rate the Spanish football league has been very attractive to foreign top footballers who enjoyed a low tax rate compared to the higher tax rates in other European countries.




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