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The European Commission requests Spain to change its unfair inheritance and gift tax clauses |
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Spain has been requested to modify its tax provisions on inheritance and gift tax that impose elevated tax burdens on non-residents and on assets held abroad. According to the Commission, the policy is not compatible with the European agreement on the free movement of workers and capital. From now on, Spain has two months to provide a “satisfactory response” in order to avoid the reference of the case to the EU´s Court of Justice.
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1. General information
The Personal Income Tax (Impuesto sobre la renta de las personas físicas / IRPF) is a direct tax levied on the income of individuals.
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Spain told to scrap corporate tax break |
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The European Commission has demanded that a tax break that fuelled a spate of Spanish international mergers and acquisitions during the credit bubble be abolished and some of the money refunded. Brussels claims that a corporate tax provision that allows Spanish companies to reduce their tax bills by writing off part of the acquisition costs is illegal under EU state aid rules.
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CAPITAL GAINS TAX REFUND CLAIM IN SPAIN |
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SOLD YOUR PROPERTY IN SPAIN BEFORE 31ST OF DECEMBER 2006? CLAIM BACK YOUR GAPITAL GAINS TAX OVERPAYMENT
In spite of EU regulations and cautions to Spain, at the peak of the real estate market EU citizens were charged a 35% Tax Rate by the Spanish Tax Authorities on Property Capital Gains, whereas residents in Spain were charged a mere 15%. Blatant discrimination of EU citizens prohibited by EU legislation and a 20% Tax overpayment.
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Non residents in Spain who sold property in Spain before 31st of December 2006 and paid Capital Gains Tax at a rate of 35% or had their tax liability calculated at this rate and did not obtain full reimbursement of the 5% Withholding Tax. |
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