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INCREASE OF THE TRANSFER TAX.
The government of the Balearic Islands has approved from January 1, 2023 an increase of the Transfer Tax (ITP) that subjects to taxation the transfer of used real estate. A tax increase that seems to us regrettable and unnecessary, given that the same government of...
Possible modification of the Wealth Tax affecting to non-residents in Spain.
The Spanish government has recently prepared the draft of a legal modification of the wealth tax, which is likely to be approved before the end of 2022, and which may negatively affect those who own real estate in Spain, directly or indirectly, through foreign...
More expensive wealth tax for non-residents
Bad news for all non-Spanish individuals who want to invest in Spain or who already own property in Spain and are obliged to file Wealth Tax. The Directorate General of Taxes (DGT), a body of the Ministry of Finance responsible for answering questions from taxpayers...
Special regime for foreign workers posted to Spain (the so-called “Beckham Law”).
Special regime for foreign workers posted to Spain (the so-called "Beckham Law"). Article 93 of the Income Tax Law and articles 123 to 120 of the Income Tax Regulations regulate a special income tax regime aimed at facilitating companies based in Spain to hire foreign...
The new tax on increase in value of urban plots (Plusvalía municipal IITVNU)
Popularly known as “plusvalia municipal” and technically as IIVTNU (Tax on the increase in value of urban plots of land), the tax is levied on the deemed appreciation of urban land and has been one of the main sources of funding for local governments. For many years,...