The government of Spain has launched a tax reform that
"will not be a simple retouch" but that will entail major
changes that, as announced by the government, will place us before
a simpler, fairer tax system that will offer greater flexibility to
the private sector."
The messages from the various public and private sectors that will
be affected by the change in the tax system anticipate "that
they will not be short-term measures," but "they will
extend a tax cut in order to boost the economic activity and
encourage savings."
The establishment by the government of an Experts' Committee
for Tax Reform, which has been entrusted with the production of a
report reflecting its recommendations, will be crucial to draw the
general lines that will shape the tax reform that will become
effective on January 1, 2015.
Such reform will include a modification of individual income tax,
corporate income tax, nonresident tax, or the taxation of property
owned in Spain. Hence, beginning in September 2014, careful
attention should be paid to the measures that are approved and that
will become effective from 2015, in case any operation was to be
carried out before the entry into force of the new regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
