5 December, 2017

Three year-end keys to lower your Spanish income tax 2017

It is important to review the tax benefits granted by each Spanish region, applying to individuals having their habitual residence in there and that can be based on different aspects such as personal and family situations or investments.

Before the end of year 2017, don’t forget to review whether you can decrease your Renta 2017 tax bill, whose filing deadline is no longer so far ahead, as it is planned to start in April 2018.

The recommendable Renta tax planning before year–end

The reduction of the taxable income due to the contributions made to pension plans, the solidarity award thanks to the tax credit for donations or the exemption on profitability derived from qualifying savings and retirement plans are some of the examples to reach your tax savings goal. Besides, many of these measures not only can help you with the reduction of your tax bill but also support other causes that are worth thinking about.


✔  Pension plan contributions

They reduce the taxable income, up to a maximum of 8,000.00 euro annually, irrespective of the age of the contributor and subject to the limit of 30% of the sum of your employment net revenues and net income derived from professional activities.

Besides, individuals whose spouse does not obtain employment revenues or income from professional activities, or if these are lower than 8,000.00 euro, can contribute to the spouse’s plan up to a maximum of 2,500.00 euro, annually, having the right to the tax reduction.


✔  Long – term savings plans

Interest derived from these plans are not taxable providing that the annual contributions to the plan do not exceed 5,000.00 euro and they are maintained during, at least, 5 years.


✔  Charities and giving tax credits

The first 150.00 euro donated to qualified charity and non – profit organizations, are entitled to a tax credit of 75%. Any amounts donated in excess of such sum are entitled to a tax credit of 30%. In the event that donations made for the benefit of the same entity increase, the tax credit is of 35%. It is necessary that, in the two preceding immediate fiscal years, donations are made in favour of the same entity for an amount equal to or in excess, in each one of them, to the one made in the preceding year.

Do not forget to ask the registered charity entity for an official donation receipt including the amount donated as well as the identity of the qualified recipient as supporting document in case your tax return is selected for review.

✔  Last but not least, it is important to review the tax benefits granted by each Spanish region, applying to individuals having their habitual residence in there and that can be based on different aspects such as personal and family situations or investments.


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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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