Spanish parliament is currently drafting legislation which will affect many people in Spain
Spanish parliament is currently drafting legislation which will affect:
- Personal Income Tax
- Corporation Tax
- Non Residents’ Personal Income Tax
- Wealth Tax
The new legislation foresees a reduction in the capital gains payable by non-residents decreased from the current rate of 35% to 18% once the law takes effect. Also, when the draft legislation comes into force, in the case of a transfer of property by a non-resident, the person buying the property is obliged to withhold and pay to the tax authorities 3% of the purchase price to set against any tax liability on the property. This is being reduced from the current rate of 5%.
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