General Budget for 2013 and fiscal measures
3 Mar. 2013
Law 16/2012 published last 28th December brought fiscal changes, of which we point out the following:
- SOCIMI (Spanish REITs) Corporate tax rate falls from 19% to 0% in case shareholders above 5% share-capital pay more than 10% on dividends.
- SOCIMIs minimum legal share-capital falls from 15 to 5M Euro.
- Corporate revaluation of assets with 5% levy.
- Winnings from State Lottery and bets will not be exempt, but subject to 20% withholding tax.
- Exit tax: when moving to a EU State member, taxpayer can chose paying income tax in the calendar year in which it is received.
- Capital Gains from sales within one year will be taxed at standard tax scale (top rate 52% – 56% in some regions).
Income tax allowance on main home investments has been abolished.