Asset management: Real Estate Tax Services Newsalert: Spain passes budget stability guarantees: PwC
A new pack of measures was passed on 13 July aimed at guaranteeing the budget stability and promoting competitiveness. This new round of reforms should be understood within the context of the financial and sovereign debt crisis and of the EU financial support to Spain for the recapitalisation of the banking sector, and it demonstrates the seriousness of the efforts of the Spanish Government to face the current situation.
The new law includes a panoply of measures to deal with such objectives, such as, the reduction of civil servants’ salaries and benefits, restrictions on Social Security subsidies, restructuring of the energy industry, liberalisation of business hours for commercial purposes, and of course certain tax amendments.
Specific measures include an increase in VAT rates, limitation of the availability of tax losses for 2012 and 2013, increase of CIT payments on account rates for 2012 and 2013, amendments to the CIT financial expenses-capping rule, and limitation to the tax credit regarding the acquisition of homes by individuals. A brief summary of the main tax changes is included herein.
