Taxele din spania si categorii de taxe.pdf
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Spain January 2012 New Spanish Government approves measure s to reduce public deficit and makes tax amendments for years 2012-2013 Following th e national e lections in S pain in late November 2011, the n ew Government met on 30 th December in the last Cabinet meeting of 2011 and passed a numb er of budget, tax and finan cial measure s to decrease the current public deficit. Together with the reduction of expenses estimated at €8.9bn, cert ain tax measures have been approved in order to increase public income by estimated €6 .275bn. The effects of the new tax rules will be limited to years 2012 and 2013. Even tho ugh the overa ll tax developme nts refer t o Individual In come Tax, applicable to income and capital gains obtained by Spanish tax resident individuals, additional amendments have been passed in connection with Corporate Income Tax, Non-Resident Income Tax, VAT and Property Tax which may be of interest for investors in the Spanish real estate industry. Corporate Income Tax Payments on account for 2012 The law confirms the rates approved in August 2011 for payments on account due in tax periods during 2011-2013: 18% / 21% depending on the method of calculation; 24% for taxpayers with a turnover between € 20m and € 60m; 27% for taxpayers with turnover equal or higher than €60m. Payments on account (3 per year) are credited against the resulting tax liability of the yearly tax return. It should be noted that in August 2011 the application of pending tax losses for tax periods 2011-2013 was limited to a maximum of 75% of the taxable base for taxpayers with turnover between € 20m and € 60m; and to 50% of the taxable base for taxpayers with a turnover equal or higher than €60m. At the same time, effective from 2012, the tax losses carry forward period i s extended from 15 to 18 years
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Transcript of Taxele din spania si categorii de taxe.pdf
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Spain January 2012
New Spanish Government approves measuresto reduce public deficit and makes taxamendments for years 2012-2013
Following the national elections in Spain in late November 2011, the newGovernment met on 30th December in the last Cabinet meeting of 2011 and passed a number of budget, tax and financial measures to decrease thecurrent public deficit. Together with the reduction of expenses estimated at
€8.9bn, certain tax measures have been approved in order to increase public income by estimated €6.275bn. The effects of the new tax rules willbe limited to years 2012 and 2013.
Even though the overall tax developments refer to Individual Income Tax,applicable to income and capital gains obtained by Spanish tax residentindividuals, additional amendments have been passed in connection withCorporate Income Tax, Non-Resident Income Tax, VAT and Property Taxwhich may be of interest for investors in the Spanish real estate industry.
Corporate Income Tax
Payments on account for 2012
The law confirms the rates approved in August 2011 for payments on account due intax periods during 2011-2013:
18% / 21% depending on the method ofcalculation;
24% for taxpayers with a turnover between € 20m and € 60m;
27% for taxpayers with turnover equal orhigher than €60m.
Payments on account (3 per year) arecredited against the resulting tax liability ofthe yearly tax return.
It should be noted that in August 2011 theapplication of pending tax losses for taxperiods 2011-2013 was limited to amaximum of 75% of the taxable base fortaxpayers with turnover between € 20m and€ 60m; and to 50% of the taxable base fortaxpayers with a turnover equal or higherthan €60m.
At the same time, effective from 2012, the
tax losses carry forward period is extendedfrom 15 to 18 years
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2 PwC Real Estate Tax Services NewsAlert Spain - January 2012
Withholding taxes
The standard withholding tax rate has beenincreased from 19% to 21% for years 2012-2013.
Non-Resident Income Tax
Rates applicable to income obtained inSpain by non-residents without theinvolvement of a permanent establishmenthave been temporarily amended as follows:
Regular income: Increased from 24% to24.75% for years 2012 and 2013.
Dividends, interest and capital gains:Increased from 19% to 21% for years 2012and 2013.
On the other hand, the so-called Branch Taxdue upon repatriation of income from theSpanish permanent establishment to theoffshore head office has been increased from19% to 21% for years 2012-2013.
Property Tax
The ownership of real estate is subject toProperty Tax on an annual basis. TheProperty Tax is payable to themunicipalities, and is deductible forCorporate Income Tax purposes. Themaximum rate is 1.3% for urban land. Themunicipality rate is applicable to the“cadastral value” of the property, i.e. the value assigned by the Tax Administration.Cadastral values are updated from time totime by the Tax Administration under the
general update process.
The municipal rate depends on when themunicipality was subject to the latest generalupdate process of cadastral values. Themunicipal rate shall be increased for the years 2012 and 2013 as follows:
Updated before 2002: Increase of tax rate by 10 percentage points
Updated between 2002-2004: Increase oftax rate by 6 percentage points
Updated between 2008-2011: Increase oftax rate by 4 percentage points
The resulting tax rates following the aboveincreases shall be applicable to non-
residential properties, the maximum rate being 1.3%.
In 2011 many municipalities in Spain weresubject to a tax review. In thesemunicipalities, the Property Tax rate willnow be increased by 4 percentage points in2012 and 2013.
VAT
The 8% VAT rate applicable on the first
transfer of residential real estate has beendecreased to 4% for transactions prior toDecember 31, 2012.
Our View
The tax amendments described aregeneral. Only Property Tax and VATdevelopments are particularly oriented toreal estate.
The tax measures passed are structuredas temporary, i.e. with effect limitedmainly to 2012 and 2013.
The purpose of these tax measures isclearly to decrease the current publicdeficit together with the reduction ofpublic expenditure.
The measures regarding payments onaccount accelerate tax payment - i.e. theyhave a financial impact for taxpayers - but they do not increase the final taxliability.
Efficient structuring and the applicationof the available domestic, EU and Treaty benefits may avoid the increased withholding taxes.
Property Tax is generally recharged totenants, so the increased taxation shallnot be borne by the property owners atthe end of the day.
More measures are expected to comefrom the new Government in the
following months.
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These Newsalerts are intended as general information for our clients. Concrete action should not be taken without reference to the specific sourcesgiven or advice from your usual PwC office. The comments above do not purport to be sufficient information to take a management decision.Parts of this publication may not be copied or otherwise disseminated without the written permission of the publisher.
© 2012 PricewaterhouseCoopers. All rights reserved. "PwC" refers to the network of member firms of PricewaterhouseCoopers InternationalLimited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and doesnot act as agent of PwCIL or any other member firm.
PwC Real Estate Tax Services NewsAlert Spain - January 2012
For more information, please contact your
local PwC real estate tax service provideror one of the contacts below.
Global Nationally
Uwe Stoschek Global Real Estate Tax Leader+49 30 2636-5286 [email protected]
Europe, Middle Eastand Africa
David Roach
Real Estate Tax Leader - EMEA+352 49 48 48 [email protected]
Central Eastern Europe
Glen Lonie
Real Estate Tax Leader - CEE+420 251 152 [email protected]
Americas
Paul Ryan
US Real Estate Tax Leader+1 [email protected]
AsiaPacific
KK SoReal Estate Tax Leader - AsiaPac+852 2289 [email protected]
Spain
Antonio Sánchez+34 91 568 56 [email protected]
José L. Lucas+34 91 568 56 07 [email protected]
