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Spanish Tax Law Changes Introduced by the Budget Law
On 23 December 2010 the Official State Gazette of the General State Budget Law for 2011 was published. The actual budgets are accompanied by a number of tax measures, as is usually the case in Spanish budget laws. Taxand Spain highlights the main changes in Spanish tax for 2011.
The budget law for 2011 has bought about changes to the personal income tax brackets where the tax for higher income earners has been pushed up slightly through the inclusion of two new brackets. There has also been an amendment to the corporate tax legislation with the wording of the revised Corporate Tax Law being amended to prevent the legislation being applied to acquisitions of EU residents made on or after 21 December 2007. Resident and non-resident companies who are investing in Spain should ensure that they are complying alongside the latest Spanish Tax Laws that have been introduced.
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