STORIES

4 July, 2017

Spanish Corporation tax filing season – Spain Corporate Tax 2016

Deadlines

The final date to file and pay the tax return for taxpayers having a calendar year is July 25 while those willing to domicile the payment by bank direct debit can file it up to July 20, 2017. Please keep in mind that this tax return must necessarily be submitted on line.

The Spanish Corporate income tax compliance season for companies having a fiscal year coinciding with the calendar year is on. 

The annual tax form includes all new tax measures passed throughout fiscal year 2016.

Despite this year does not bring as many changes as those passed in 2015, in which a major tax reform took place, we are happy to remind you of some of the most substantial measures affecting the calculation of the 2016 tax quote, that you have to take into account while preparing your annual return.

Intangible assets’ amortization

Spanish Audit Law was modified in fiscal year 2016 and it now defines all intangible assets as having a defined useful life. In line with this accounting change and since fiscal year 2016, these assets have to be amortized, for tax purposes, over such useful life. In the event that it cannot be reliably estimated, they can be amortized up to a maximum one twentieth of their value.

Spanish Patent Box

As of July 1st 2016, a new method to calculate the 60% reduction on the net qualifying income deriving from the licensing or transfer of certain intangible assets (including patents, formulas or know how) was established, based on a ratio limit benefiting taxpayers that have created the intangible asset.

Limitation on the offset of tax losses carried forward

Taxpayers having a turnover in between 20 to 60 million € can offset their pending tax losses up to 50% of the taxable base previous to the compensation. Such limit is reduced to 25% for companies having a turnover equal to or exceeding 60 million €. A change that has implied a step back in the use of this tax asset with respect to the new regulations that had just been introduced by the tax reform, allowing for a 60% compensation.

At PBS we are experts in Withholding Tax and the Spanish Corporate Income Tax.

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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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