Non-residents also benefit from the abolition of inheritance tax
The Parliament of the Balearic Islands recently approved a new tax law that grants non-residents significant advantages in inheritance and gift tax (ISD). This measure, which represents a major change in tax policy, aims to promote fairness in the application of the tax for residents and non-residents alike.The new tax regime introduces a 100% ISD […]
The tax trap of abolishing inheritance tax
As we mentioned in our last article, the new Balearic government has announced the abolition of inheritance tax as one of the first tax measures after the regional elections last May.As a result of the publication of the Decree-Law and the analysis of the fiscal impact on all taxes for individuals, both residents and non-residents, […]
Non-residents can apply for a refund of property tax
According to a recent ruling by the Supreme Court of the Balearic Islands, non-resident taxpayers have the possibility to obtain a refund of wealth tax (IP) from the Spanish tax authorities.As a general rule, Spanish resident individuals are taxed on their worldwide net wealth under the wealth tax (IP), while non-residents are taxed only on […]
First measures of the tax reform in the Balearic Islands:
Changes in inheritance and transfer of assets
After the regional elections, which meant a change in the Balearic government, where the Conservatives will govern in the minority and rely on the support of another right-wing party like VOX to govern, one of the first measures decided was the substantial change in the inheritance and gift tax and the transfer tax. These changes, […]
Non-resident companies and wealth tax
Non-residents who hold shares in Spanish companies or in foreign companies with real estate in Spain are obliged to pay wealth tax. We explain some interesting facts that you should be aware of if you are affected: Wealth and non-residentsThe cases in which non-residents have to file a tax return are the same as for […]
There is still time to correct errors in the income tax return
The clock is ticking inexorably and 30 June is the deadline for filing income and wealth tax returns (IRPF). Although this deadline is voluntary, it is an unavoidable tax obligation for all Spanish residents. But beware: even if you have already complied with this tax obligation, you still have the possibility to correct your tax […]
Internet content creators and their taxation
Since the entry into force of the new general law on audiovisual communication, one of the most important points is the obligation of platforms to protect users and minors from certain content.One of the most important points is the obligation of platforms to protect users and minors from certain content, as well as the self-regulation […]
Important tax incentives in the Balearic Islands for branches, Spanish companies and self-employed persons
On 24 December last year, Law 31/2022 was published with the new special regime for the Balearic Islands, also known as REIB, which recognises insularity through special tax measures and came into force on 1 January. It will apply until 31 December 2028, with the possibility of extension.This scheme is divided into two measures: the […]
Tax advantages of the new telework visa
In a world characterised by an increasingly globalised economy and the growing weight of technology companies and international teleworking, it is becoming more and more important to attract talent and investment by creating legal scenarios that are suitable for entrepreneurs and digital nomads.Given this situation, and based on current trends in international worker mobility, one […]
The most important tax changes for 2023
At the end of December last year, the Spanish government approved the budget for 2023, including the introduction of various tax changes. The fiscal and tax measures apply from the current budget year and therefore do not affect the 2022 tax return, which should be filed in May and June 2023. However, you should take […]