Entering a new year always brings fiscal and legal changes. Therefore, the Verum Management team offers you a summary of the main fiscal and legal changes for the year 2019.
10 NOVELTIES FOR 2019 IN THE FISCAL AND LEGAL FIELD
1. INCOME IN THE OBJECTIVE ASSESSMENT REGIME OF INCOME TAX
The exclusion limits for taxation under the objective assessment method for income tax, established for the 2015, 2016, and 2017 tax years, are extended for 2019. The maximum thresholds and conditions for modules are not reduced. In the case of agricultural, livestock, and forestry activities, the quantitative limit of 250,000 based on income volume remains.
2. EXEMPTION OF MATERNITY AND PATERNITY BENEFITS IN INCOME TAX
One of the big novelties for this year. Thus, parents who have benefited from maternity or paternity benefits will not have to include them as income in their 2018 tax return. In addition, the Social Security will not apply any withholding for income tax purposes.
Furthermore, it should be noted that individuals who received these benefits between 2014 and 2017 can request refunds of the income tax paid. In this regard, the Tax Agency has provided a platform for this purpose.
3. IMMEDIATE SUPPLY OF VAT INFORMATION: RECORD BOOKS
November was the month chosen for entrepreneurs and professionals who were not required to join the SII (Immediate Supply of Information) but voluntarily opted to do so. Now, the option to apply the SII can be exercised throughout the year by submitting a census declaration.
4. EXTENSION OF LIMITS IN THE SIMPLIFIED VAT REGIME
The modules and instructions for their application applicable to the special simplified regime for the year 2018 are maintained for 2019. The quantitative limit of 250,000 euros based on turnover for the special regime for agriculture, livestock, and fishing is also extended.
5. TRANSFER OF USE OF DWELLINGS FOR TOURIST PURPOSES (FORM 179)
Starting in January, intermediaries between owners and tenants of dwellings for tourist purposes must submit Form 179. This informative declaration will be quarterly, although in January 2019 all information referring to 2018 must be submitted.
6. EXTENSION OF WEALTH TAX
The Royal Decree-Law 27/2018, of December 28, establishes the restoration of the 100% tax exemption on Wealth Tax until January 1, 2020. Therefore, the corresponding Tax must still be paid for 2018 and 2019.
7. NEW DEDUCTIONS FOR SELF-EMPLOYED INDIVIDUALS IN PERSONAL INCOME TAX (IRPF) FOR 2018
The Autonomous Workers Law (Law 6/2017), which came into effect on January 1, 2018, prevented self-employed individuals from applying approved benefits in the previous 2017 Income Tax campaign: deduction of derived expenses and supplies up to 30% of the total surface area used for the activity and declared in the census declaration (Form 036).
8. FORM 347: OPERATIONS WITH THIRD PARTIES
Article 2 of Order HAC/1148/2018, of October 18, establishes that the informative declaration of operations with third parties carried out during 2018 will continue to be submitted in February. Although there was a plan to advance it to January, it has not been confirmed for 2019.
9. TRANSACTIONS WITH THE UNITED KINGDOM
In view of the situation in the United Kingdom and the uncertainty regarding the approval of Brexit on March 29, 2019, it should be noted that operations carried out with the British Isles will not be considered intra-community operations. Therefore, they will be treated as exports or imports, which will entail new customs obligations.
10. 2019 TAX CALENDAR
The Tax Agency has approved the tax calendar for the year 2019. In this regard, the income tax and wealth tax declaration campaign will begin on April 2 and end on July 1, 2019.
In light of these and other upcoming changes in tax and fiscal matters, our technical team possesses comprehensive and up-to-date knowledge of tax legislation.
For any inquiries, you can contact our Tax and Fiscal Department at email@example.com.