As every year, the 2016 Spanish Personal income tax filing season starts, taking place between April 06 and June 30, 2016.
Upon calculating your final tax liability, please take into account that the new tax measures adopted as a result of the last tax reform undertaken by Law 26 / 2014, of Nov. 27, shall apply.
✔We remind you of the following measures with major impact upon preparing your tax return:
A new table with the progressive rates applying to the so-called general taxable base, with a reduction of the tranches as well as of the marginal rates.
The new table with also reduced rates applying to the savings income as well as to capital gains, (with rates of 20, 22 and 24% in fiscal year 2015).
✔The tax return introduces new features as a result of the tax reform, as it incorporates new boxes for the unrealized capital gains as a result of the change of the tax resident status of individuals arising from holdings in all type of companies (“Exit tax”) as well as capital gains exempt due to reinvestment in lifelong annuities.
✔ From April 06 to June 30, 2016, taxpayers have a draft of their tax return available as well as of their fiscal data. It will be possible to confirm drafts electronically by Internet or even telephone line.
From such date, it will also be possible to file the tax return (Form 100) electronically by Internet, due to the start of the e-file campaign.
Should you wish to domicile the payment of the first term in your bank account, please take note that the filing deadline is anticipated to June 25 and not June 30, as is customary in recent years.
✔ The Spanish tax authorities have implemented a new system to declare by Internet, “RentaWeb”, a web program that unifies in the same host environment the draft tax return (a pre-tax return) as well as the tax return itself, permitting the on line preparation of the tax return without the need of downloading the so-called Padre (Personal income tax) program.
✔ As always, we remind you that a trusted tax professional can provide helpful information and advice about how to best comply with your Spanish individual tax filings in due term.