The future of Wealth Tax
26 Oct. 2015
Spanish Tax Authorities released an informative note on 16 April 2015 about Wealth Tax, the term of its application, scope of the transfer to Regional Governments and competences.
The note explains that Wealth Tax was reinstated temporarily for 2011 and 2012, but extended in the General Budgets for 2013, 2014 and 2015. Law 36/2014 for 2015 State General Budget provides in its article 61.second for the Wealth Tax to be held in abeyance again as of 1 January 2016.
However, on 4 August 2015 the Government proposed to extend the Wealth Tax one year more as published on the 2016 State General Budget Draft Bill.