New Tax Legislation in the Budget Law for 2016
On October 30, 2015, the Official State Gazette (BOE) published Law 48/2015, of October 29, 2015, on the General State Budget for 2016 (LPGE). The most important new items of tax legislation in this law are described below.
1. Personal Income Tax
1.1 Employer paid sickness insurance premiums
1.2 Limits for use of the objective assessment method in fiscal years 2016 and 2017
2. Corporate Income Tax
2.1 Reduction to income from certain intangible assets (“patent box”)
2.2 Conversion of certain deferred tax assets into a loan payable by the tax authorities
2.3 Management of the tax
3. Wealth Tax
4. Value Added Tax
5. Other amendments
5.1 Transfer and stamp tax
5.2 Special tax on electricity
5.3 Tax on fluorinated greenhouse gases
5.4 Local taxes
5.5 Charges
5.6 Not-for-profit entities and tax incentives for patronage
5.7 Tax regime applicable to certain transactions performed by the Spanish Mint (Fábrica Nacional de Moneda y Timbre-Real Casa de la Moneda)
5.8 Public Multi-Purpose Income Indicator
5.9 Legal interest rate for money and late-payment interest
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