The end of 2016 leaves us a new reform of the Government of Spain, in tax matters, which changes some aspects of the fiscal framework of our country. The Executive headed by Cristóbal Montoro, approved on December 2 a set of measures that establish new fiscal limits and taxes, impacting them, both individuals, and SMEs and large companies. The way in which it is available, the RD 3/2016 that we analyze today.
comply with Brussels
The European government marked 3% of its GDP red as a deficit limit figure by the end of this year 2017. In principle, our country had to fulfill this share this year, but according to instability Politics, which has meant not having a government constituted until last November, the European Commission itself decided to extend the term until 2018.
That is why the government has gone to action with a program that mitigates 3.9% with which we close 2016 and 3.1% with which we are expected to do the same in 2017. In others Words: Brussels squeeze, but not drowning.
measures against tax fraud
The obligation for the immediate VAT information system has also been imposed, which will be implemented as of July 1, 2017 and will affect some 62,000 taxpayers, which bring together 80% of the billing of that tax. Specifically, those registered in the monthly VAT Return Registry, large companies – which have an annual turnover of more than 6 million euros – and VAT groups. Pladded amount of collection: 1.5 billion euros.
At most, this full section will report 2,000 million euros.
As its own character suggests, the bulk of the new fiscal reform of 2016 will go through new standards for the Corporation Tax. Although the government has already announced last October the rise in the fractional payments of said tax, it is now when the elimination of exemptions for dividends, compensation of losses and deterioration of the participation value is announced. We explain it:
– Exemption by dividends: losses may not be deduced by “transmission of shares” and the losses resulting from participation in entities located in tax havens were not integrated into the tax base.
– Reversion of participation value deterioration: for a minimum annual amount, linearly for five years.
– Limitation to large companies in the compensation of losses of previous years: companies that invoice more than 60 million can only be deducted 25% of these losses and those that invoice 20 to 60 million, 50%.
– New limit for the application of double imposition deductions: It will be 50% of the full fee (for companies that invoice more than 20 million annually).
The stipulated amount of collection through this set of measures is 4,650 million.
tobacco, alcohol and sugary drinks
Additionally, tax increases have been arranged for certain non -basic products. 5% rises the tax that taxes intermediate alcoholic beverages (wines of Jerez, Oporto wines and mystlas) and the spirits (rum, whiskey, gin or brandy, among others), while wine and cherry do not suffer any kind of modification.
For its part, the tobacco tax will increase 2.5% and tobacco bite by 6.8%. These three tax increases will have an immediate application and the expected collection is about 150 million.
Tax reforms are also announced in terms of sugary drinks. The Government promotes a bill on carbonated and sugary drinks, with which it hopes to raise 200 million euros next year, a measure that Montoro himself described as “instrument to fight obesity and everything that the Excess sugar problems “.
These items draw a collection for sum of 350 million euros in total.
- 2 billion euros through incentives against tax fraud.
- 4,650 million euros through modifications to the Corporation Tax.
- 150 million euros in direct taxes to tobacco and alcohol.
- 200 million euros in direct taxes to sugary drinks.
- 7,000 million euros in total.
agility, key element of fiscal management
We will be frank: These measures require an agile and guarantees reaction. The elimination of fiscal credits or the tax increase to a company that operates in one of the previously arranged sectors can mean structural changes in the economic and financial section of many SMEs and large companies in our country.
Without entering to value them positively or negatively, we do have to highlight that some of these measures have immediate effects, and according to these dates, which despite coinciding with the closure of the fiscal year, “there is still year” until 25/ 07, we recommend acting as soon as possible.
Write us firstname.lastname@example.org and we will start as soon as possible.