Keys to the agreement of the budgets of 2019 in Spain.
In this post, Welex, your law firm and team of accountants in Marbella, wishes to explain the main lines of the agreement on the general budgets in Spain that will have to be submitted to the Parliament in Brussels and that not only suppose a relevant and generalized increase of taxes in Spain but also the introduction of new kind of taxes.
Regarding these expected increases of rates and new kind of taxes at the Spanish tax laws, we can highlight:
1) Increase 1% at wealth tax in Spain for those who have more than 10 million euros.
2) Increase of Spanish Income tax for residents, the so known Impuesto sobre la Renta de las personas físicas, by 2% for those who have income of more than 130,000 euros and 4% for those whose income exceeds 300,000 euros.
3) Introduction of a tax on financial transactions. 0.2% for the purchase of shares.
4) Fiscal adjustments regarding to corporation tax for large companies.
These tax increases in Spain are not aimed at reducing the high public debt in Spain but at increasing the expenditure amongst which there are the following expenses:
1) Increase of the minimum salary to 900 euros.
2) Equalise paternity and maternity leave.
3) Facilitate access to housing and major protection of the rental market.
4) Maintain the purchasing power of pensions according to the CPI and a 3% increase for minimum pensions.
5) Increase by 40% of the budget in subsidies for dependent people.
6) The reduction of Spanish VAT rates in veterinary services and feminine care products.
7) Subsidies for dining rooms at nursery schools.
8) The public school for children from 0 to 3 years is universalized.
9) Increase by 6.7% of the allocations used for research and science.
10) Limitations to advertising of gambling similar to those of tobacco.
Transparency, motivation and seriousness.
Do you need advice? Tell us what you need, we will be happy to assist you in any legal, labor, tax or company matters in Spain.
At Welex, you will be attended by a multidisciplinary team of lawyers, economists, accountants and social graduates.
We also have the pleasure of reminding you of our professional services at our law firm in Marbella.
- Purchase and sale of real estate in Spain.
- Wills and inheritance in Spain.
- Accountancy advisors and experts.
- Litigation law in Spain.