Decree-Law 20/2011, dated 30 December 2011
We are being advised, that these new emergency measures, will only pertain to 2012 and 2013. Taxes are rarely lowered. Therefore we can only presume that, the new rate will not be abolished in the coming years.
The law is to include taxes on all income. Many residents will see an increase in payments in their annual tax declaration.
There are to be proportionate tax increases on wages. The percentage applied will be on top of the figures in use to date to calculate your taxes.
The new taxes will also apply to savings. The more you have the higher the taxes. The increase will be applied according to the figures below:
1.
2% increase on the benefits on savings of up to 6.000 euro
2. 4% increase on the benefits on savings of up to 24.000 euro’s
3. 6% increase on the benefits on savings of over 24.000 euro’s
Is the Spanish government not aware that many expatriates may well choose to take their savings elsewhere?
For a review of your individual tax obligations, it would be wise to contact your tax advisor.
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