Now that we are at the beginning of 2012, we would like to summarize the main tax changes undergone during this past year 2011. Needless to say, most of them are due to the Spanish economic context and have been taken in an attempt to improve the economic activity and sustain the public finances.
To encourage foreign investment into Spain:
- The Spanish Government enacted a Spanish Capital Duty exemption, as of December 3, 2010. This measure mainly applies on contributions made by shareholders to Spanish corporations upon their incorporation/share capital increase, which were formerly subject to a 1% Capital duty rate.
To promote a sustainable economy:
- For tax periods starting as from 6 March 2011, tax credits to promote technological innovation and environmental protection are maintained, enjoying higher rates and more beneficial limits for their application.