Contact your Accountants in Spain-Costa Blanca!
The income tax return for 2015 is due soon! From 6th of april you can submit your taxes in Spain. Are you ready? As a general rule, everyone has a duty to present the Income Tax return for income from the 1st of January to the 31st of December.
The exceptions to the rule (those who are not obliged to declare Income Tax) are:
- Those who obtain a global yearly income of no more than 1.000 €, regardless of the nature of the income.
- Those who have losses in their Capital Gains of 500 € or more.
- Those who exclusively receive one or more of the following Incomes:
A. Salaries or pensions, with the following limits:
1. As a general rule those who receive up to 22.000 € from only one payer.
2. Those who receive up to 22.000 € from more than one payer providing that they also comply with the circumstances below:
- The amount of the income received jointly by the second and further payers does not exceed 1.500 €.
- That the sole income received is the described in Article 17.2.a of Law 35/2006 and according to the special regulations there has been a retention at source. (those incomes from Social Security pensions, Government, disability, retirement, pension schemes, amongst others).
3. Those who receive up to 12.000 € when any of the following circumstances arise:
- When it proceeds from more than one payer and the addition of the second and further pensions/salaries are together over 1.500 €.
- The income has the nature of divorce maintenance.
- The payer is not obliged to retain according to the regulations. (for example: pensions from abroad).
- When the income is subject to a fixed rate of retention (for example: company directors).
B. Net Returns of movable assets and Capital Gains
Both subject to retention, with a limit for both of 1.600 €.
C. Deemed Income
Deemed Income provided from tenancy of second home, returns from movable assets without retentions (treasury debts) and subsidiaries to buy an officially protected house, with the limit of 1.000 €.
Apart from the above exclusions, there is an obligation to declare an Income Tax return those tax payers with a right to deductions from:
- Investment in special account for the purchase of a home.
- International Double Taxation.
- Contributions to disabled persons individual assets.
- Pension plans.
- Insured pension plans and others.
- Dependency insurance.
Note that these limits are per tax return. If you decide on a joint return, the same limits apply (there’s no increase in the limit).
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