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…
The Spanish General Budget Act for 2021 has introduced several tax changes that aim to increase tax revenues. The national regulation was passed at the last minute, having been published on 30 December 2020 to be applied with immediate effect from 1 January 2021. Some of the main tax measures are: Personal Income…
