Spain: Tax proposals of the new government | KPMG | GLOBAL

Spain: Tax proposals of the new government

Spain: Tax proposals of the new government

Spain’s new government in December 2016 announced its first package of tax measures aimed in part at reducing the deficit.

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Among the proposals are the following tax amendments and provisions intended to increase tax revenue:

  • New limits on the offsets of net operating losses (NOLs) of large corporate taxpayers
  • New limits on the use of “double” tax credits
  • Changes to the regime that applied with to the reversal of impairment losses on shares realized before 2013
  • Modifying the exemption rules governing dividends and the proceeds from share disposals
  • Renewal of the “wealth tax” for 2017
  • Increase in the rate of “special taxes” that apply to alcohol and tobacco products 
  • New measures concerning the value added tax (VAT) including VAT records of the tax agency, deadlines for recording entries, and self-assessment rules
  • A new tax on carbonated and sugar-based drinks

 

Read a December 2016 report [PDF 80 KB] prepared by the KPMG member firm in Spain: New measures in Spain to reduce public deficit (December 2016)

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