10 October, 2016

New Spanish Corporate income tax advance payments

It must, therefore, be considered that, ultimately, an increase of the advanced payments will not imply a higher final Corporate income tax liability but will certainly impact the cash – flow of companies affected by this new measure.

Spanish companies whose turnover exceeds 10 million € will be obliged to face higher Corporate income tax payments, as a result of the increase that the Spanish Government has just passed.

This measure derives from the need of addressing the State deficit, and stop the decrease of Corporate income tax collection because of its lower rates as well as of the elimination of the minimum payment that applied up until 2015.

✔ Advanced Corporate income tax payments are due throughout the fiscal year, in the months of April, October and December. They are paid on account of and credited against the final tax, which is paid six months and twenty – five days after the closing of the company’s fiscal year.

It must, therefore, be considered that, ultimately, an increase of the advanced payments will not imply a higher final Corporate income tax liability but will certainly impact the cash – flow of companies affected by this new measure.


✔ Companies with a turnover exceeding 6 million Euro are obliged to calculate their advanced payments based on the tax result obtained from the beginning of the fiscal year up until March 31, September 30 and November 30, respectively.
For fiscal years starting in 2016, the applicable rate has been of 17%, for companies subject to the standard 25% final Corporate income rate.
Due to the economic recession, a minimum payment of 12% of the accounting result for the period taken into consideration was established in fiscal years 2014 and 2015. This minimum payment disappeared for fiscal years beginning in 2016.


✔ The Government has introduced a minimum payment of 23% of the company’s accounting result (25% for financial institutions, between others) for companies whose turnover exceeds 10 million €. It has also increased the Corporate tax advanced payment from 17% of the taxable base to 24%.
As the final tax is calculated applying the Corporate income tax rate on the taxable result (which does not necessarily coincide with the accounting result, as book to tax adjustments may increase it or decrease it) as well as tax credits (due to R&D activities or to reduce double taxation, for example), many companies may find that they are due a substantial amount of tax when they file their final annual return.

Needless to say that this new measure is not exempt from criticism from business associations, particularly taking into account that it may impact job creation, a pending subject in the Spanish economy.


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