Asec News

ASSETS SITUATED OUTSIDE SPAIN AND THE OBLIGATION OF HAVING TO REPORT THEM.

A new law to fight against tax fraud came into force on 31st October 2.012. This law was processed urgently as a way of encouraging the tax amnesty in its final stretch.

The general elections held in Spain last November brought about a change of government with the right wing PARTIDO POPULAR securing a comfortable majority in parliament.

Spain, as we all know, has a growing population of EU nationals who have made this country their home.

The Spanish government has announced plans to ban all cash transactions of more than 2,500 euros, in an effort to clamp down on the rampant black economy and tax evasion in Spain.

The Ministry of the Treasury and Public Administration Services, together with the Ministry of Employment and Social Security, is providing a new service for people through the electronic office of the State Secretariat for Public Administration Services.

As you may know all foreign individuals who own assets, reside and/or work in Spain, are required by law to obtain an identification number (Numero de Identificacion de Extranjeros).

The new Spanish Government, which takes power this month, has highlighted the main tax changes it wants to introduce.

We were hearing it through the grapevine but it is now official; Decree Law number 13/2011 approved on Sept 16^th 2011 modifies the previous Decree Law on Wealth Tax from 1991, restoring Wealth Tax

The Spanish government has approved new legislation related to the social security that will have several different effects, although the most notable will be with regard to the retirement age.

Each benefit is taxed differently in Spain, and in many instances, it is more cost effective to take benefits instead of cash, as a higher-rate taxpayer is liable for 43% tax on their income