Madrid, June 28, 2017: The Official State Gazette published the
2017 Budget Act 3/2017 (hereinafter, the "3/2017
Act"). This new law introduces several revisions to
tax-related issues. The following represents a summary of those
changes considered most noteworthy.
CORPORATE TAX
For tax periods beginning on or after 1 January 2017, the
amendments introduce both new and revised tax breaks for performing
televisual arts productions:
" Tax breaks have been increased for cinematographic
productions, audiovisual series and live broadcast shows of scenic
and musical arts. The new rates on global incomes will be 25% on
the first €1million and 20% on all amounts thereafter.
Moreover, the 50% general limit is maintained, incorporating the
60% and 70% limits for certain productions; and
