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ARTICLE · 04 NOVEMBER 2022

Spain Unveils Draft Budget For 2023

De Giorgio Wealth Management
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The Spanish State Budget for 2023 was approved by the Council of Ministers on 6th October 2022. The Budget needs to pass through Parliament before it becomes law and therefore changes...

SpainTax
Nicole Booth
Nicole Booth

The Spanish State Budget for 2023 was approved by the Council of Ministers on 6th October 2022. The Budget needs to pass through Parliament before it becomes law and therefore changes may still be made during the Parliamentary process.

The key tax measures affecting private clients are detailed below. These measures will take effect from 1st January 2023.

1. Income Tax

Savings and Investment Income

  • The top rate of tax applying to savings and investment income will increase from 26% for income over €200,000 to 27% for income between €200,000 to €300,000, and to 28% on savings income over €300,000.

For 2023, the new tax rates for savings income will therefore be:

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