Spain — Spanish wealth tax update |
/UK_Tax_Horizons_UKImmigration_2011_150_.jpg)
- November 2011
- 246 KB
Spain — Spanish wealth tax update- Area: Employers
Background
Spanish Wealth Tax was in force from 1991 until 2007 inclusive, when the Spanish government introduced a 100 percent discount in the wealth tax quota for all taxpayers, i.e., the Spanish wealth tax did not actually disappear, but was, in fact, suppressed for an unlimited period.
The necessity to stabilize the financial situation in Spain derives from the adoption of new tax measures to increase the country’s income. Thus, last September 16, the Spanish government published the aforementioned Royal-Decree Law whereby a new disposition was added to the old 1991 Spanish Wealth Tax Act.
