Warning: The information set out below is a general guideline provided by DOMENECH ABOGADOS.
Specific advice should be sought before any action in reliance on it is taken, as explained more
fully in this website's
legal
notice.
Important new tax and accounting changes have been brought into force in Spain by Law 4/2008,
published in the Official Gazette on 25 December 2008:-
Spanish wealth tax is abolished both for Spanish residents as well as
non-Spanish residents (eg, those living outside Spain who own a Spanish holiday home).
The measure is effective as from tax year 2008, which means that no Wealth Tax
returns will have to be filed in 2009 or subsequent years.
-
VAT refund modification, enabling refunds to be claimed monthly
While the general system allowing VAT to be reclaimed as at 31 December each
year is maintained, new regulations give most taxpayers the option to request VAT repayment at the
end of each month. To benefit from this change, taxpayers should:
a) Request inclusion in the monthly refund registry, by filing an
application in November each year (effective for the following calendar year) although,
exceptionally, applications for calendar year 2009 can be filed until the end of January
2009;
b) Not undertake activities subject to the simplified VAT regime (which
compulsorily applies to certain businesses); and
c) File monthly VAT returns (instead of quarterly returns) always on-line
and regardless of turnover.
-
Spanish Corporation Tax changes
There are important changes to adapt Spanish accounting to EU international
accounting rules, as well as recent EU case-law concerning research and development
deductions.
If you have queries on the above, or expect to take a decision affected by the
above, you should first contact Margarita Doménech of DOMENECH ABOGADOS (tel: (00 34) 93
415 06 77,
md@domenechabogados.com)