Taxes in Spain

30 December 2014

Every day the general situation in the European market, as well as tax issues, are now becoming more complex. Spain is no exception. With the influence of external factors the developing of Spanish legislation in the field of taxation is inevitable and requires constant and close attention to the tax accounting of organizations and / or individuals.

Of the main forms of taxation it is very important to distinguish such concepts as:

1. INCOME TAX OF INDIVIDUALS (IRPF) FOR RESIDENTS AND NON-RESIDENTS

Income tax of individuals is the main form of direct taxes, which are calculated as a percentage of total revenues minus expenses of individuals justified with the documents in accordance with applicable law. To this tax are subject the labor productivity, business and professional activity, an increase in wealth and any property.

2. INCOME TAX

Corporation tax is a tax on profits of business operations and other income of companies (corporations) and other incorporated organizations.

3. INHERITANCE AND DONATIONS TAX

This tax applies in the case of the concession, i.e., when one part of the operation transfer anything in the possession of another part without receiving anything in return. In particular, this may be the case of inheritance.

4. TAX ON THE TRANSFER OF PROPERTY

This tax applies to transactions between individuals, with a transfer of property by payment, such as vehicle sales, the sale of land, buildings, real estate, etc. To this tax are subject all operations to which VAT is not applicable. The rate is set by each autonomy of Spain individually.

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