17 September, 2012

Facing a new tax course: what’s next to come

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Back from holidays, September has arrived, bringing us a new tax course. When we look behind, we realise that the last year has resulted in plenty of changes in the tax laws, which we have tried to bring to your attention as soon as they have happened.

It is true that many of the recent changes implying an increase in taxes shall apply on a temporary basis, but others will stay there, unless our economy one day permits us to live in a friendly tax jurisdiction, more than a mere popular country to retire.

September has brought us the increase of the VAT rates, as we informed you in a previous post. In addition to it, it arrives with an increase in withholding taxes on payments made to professionals, as per the following breakdown:

–          From September 1st 2012 up until December 31st, 2013: 21%.

–          From January 1st, 2014: 19%.

–          From September 1st, 2012, on payments made to professionals on the year in which they have started their activity and the two subsequent ones: 9%.

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Based in Barcelona and Madrid. Englobally is our Latin American business partner established in Santiago de Chile.

We are also part of Englobally Group, an international association of independent accounting and advisory firms that provide a one-stop shop managed solution for accounting, payroll and HR needs, with member firms in over 25 countries and associates working in many others. Many fast growing technology and lifescience businesses find their international services invaluable. Companies in many other sectors are attracted by the close and supportive way Englobally Group works.




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