As usual, Law 16/2012 of December 27th was approved during the last week of 2012, passing different tax measures in order to consolidate the public purse and the Law 17/2012 of the General State Budget.
In both laws there are new tax measures that we can resume as follows:
The capital gains generated by transmissions of goods that have been in the estate of the tax payer for less than 1 year, will be taxed according to the General Base, whose rates range between 24.75% and 56%, instead of being taxed according to the Safe Base as it was usually taxed, with rates between 21% and 27%.
Deduction – with a specific transitory regime – for obtaining a house residence is removed as of January 1st of 2013.
NEW TAX TREATMENT FOR GAINS FROM GAMING ACTIVITIES
The exemption for some gains obtained from prizes and lotteries (from the central government lottery agency, from the National Organization for Spanish Blinds (ONCE), from the Spain Red Cross and analogue entities from Europe, etc.) has been eliminated and there is going to be a new tax on them.
NEW TAXATION FOR LABOR AND COMMERCIAL COMPENSATIONS
The removal and the decrease of the 40%-reduction for compensations concerning terminations of labor or commercial relations imply an increase of taxation on Individuals. And, on the other hand, compensation will not be deductible for Corporations when it exceeds certain limits.
UPDATES OF BALANCE SHEET
A voluntary revaluation of the balance sheets for individuals, corporations and non residents will be permitted with a tax of 5% at the moment of filing the tax return.
LIMITATIONS FOR AMORTIZATIONS
A new limit to deductible amortization for big companies is introduced.
SPECIAL TAX REGIME FOR NON RESIDENT COMPANIES WITH REAL STATE HAS BEEN LIMITED
Now this regime will only be applicable for non residents established in tax havens.
CLARIFICATIONS ON SPECIFIC VAT OPERATIONS
The adjudication of real estate goods by communities to its members will be considered a delivery in proportion to its participation.
The modification and rectification of invoices will be easier to do in order to protect Consumers who pay in installments.
THE PROPERTY TAX
This tax will be extended for 2013.
A NEW REGIME FOR SOCIMIS (Spanish acronym for “SOciedades anónimas Cotizadas de Inversión en el Mercado Inmobiliario”, listed investment companies on the property market)
The object clause of this kind of companies is the lease of real estate properties in urban areas with similar conditions to what the global markets know as REITs. Therefore one of the biggest news for this year is their promotion through a more flexible and less taxed regime for this year and the coming ones.
TAX ON DEPOSITS IN CREDIT INSTITUTIONS
A new tax has been created for all kinds of deposits placed at credit institutions in Spain that will be payable in periods starting from January 1st of 2013