The Assembly of Madrid has presented a Bill to temporarily modify the Wealth Tax (IP) exemption in the Madrid region during the period of validity of the Solidarity Tax on Large Fortunes. Currently, the Madrid region has a 100% exemption on the Wealth Tax quota, which exempts Madrid taxpayers from paying this tax. However, since…
Andreu Bové Boyd Partner of Bové Montero y Asociados A recent ruling of the Supreme Court of Justice (“TSJ”) of the Balearic Islands establishes that non-resident taxpayers of the wealth tax (Impuesto sobre el Patrimonio,”IP”) may benefit from the application of the joint limit, which could result in a reduction of their tax bill. In…