Spain: The limitation on the offsetting of tax losses and the use of double taxation credits for large companies is again reduced and other tax modifications are introduced
Among others, a tax is created on the margin of interest and commissions of certain financial institutions, the savings tax rate is increased in the Personal Income Tax for taxable income over EUR 300,000 and an exemption is introduced for Personal income tax and Inheritance and Gift tax purposes in relation to donations made by employers to their employees to alleviate the damage caused by the DANA. In addition, the cases in which the reserve for investments in the Canary Islands can be used are extended.
On 21 December 2024, Law 7/2024 of 20 December 2024 (Law 7/2024) was published in the Official State Gazette (BOE), which enters into force, in general terms, the day after its publication. In addition to regulating the Complementary Tax that guarantees an overall minimum level of taxation for multinational groups and large domestic groups (transposing Council Directive 2022/2523 of 15 December 2022), this law introduces other new developments of interest in the tax field
In this publication we summarize these other new developments. Two other publications summarize developments relating to the Complementary Tax (here) and the Canary Islands Economic and Fiscal Regime (here).
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