18 July, 2017

Tax improvements of the Spanish Budget Law LPGE 2017

In the area of taxation, this Law cannot create new taxes but it can modify the existing ones. 

We strongly welcome, although with certain delay, to well – deserved measures oriented to a more tax – friendly jurisdiction.

The Spanish Budget law (LPGE) for fiscal year 2017 was finally approved and published on June 28 in the Spanish Official Gazette (BOE), entering into force on the next day.

In the area of taxation, this Law cannot create new taxes but it can modify the existing ones. It has, therefore, introduced new measures implying an improvement for Spanish taxpayers and of which we highlight the following ones relating to:

Corporate income tax: the tax credit for investments in film production and audiovisual series is enhanced, for fiscal years starting as from January 01, 2017; and,

Value added tax: the tax rate applying to live performances and to prescription eyeglasses frames is reduced from 21 to 10%.

Tax credit for investments in film production and audiovisual series

The tax credit percentages are increased from 20 to 25% in the first million Euro and from 18 to 20% on the excess thereon.

The limits of the tax credit on the tax quote are increased from 50 to 60%, for cross – border productions financed by more than one EU Member State and to 70% for productions whose budget does not exceed 1 million Euro and directed by a new filmmaker.

The tax credit for expenses incurred in Spanish territory of foreign productions is increased from 15 to 20% and the limit of the tax credit for creative personnel is doubled to 100,000.00 € as well as the general limit which increases to 3 million Euro.

Life performances

The VAT rate applying to life performances, including theatres, cirques, bullfighting event, concerts and life cultural performances, is reduced from 21 to 10%. This measure is introduced with the aim of promoting the access and dissemination of culture, hence satisfying the sector demand.

We remind you of the resolution of the General Directorate of Taxes dated on August 02, 2012, which clarified that the applicable VAT rate is that corresponding to the accrual date. Such date must, therefore, be observed in order to reduce the applicable rate in each transaction concerned.

We strongly welcome, although with certain delay, to well – deserved measures oriented to a more tax – friendly jurisdiction.


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