Spanish Tax Changes 2009

There are many changes in the Spanish tax system for 2009 but some of the most important elements

Tax Changes for 2009

There are some chages being made in respect of the Corporate Tax, Business Tax and Value Added Tax for businesses in Spain for the year 2009.

The approval back in 2008 for a new nationwide accounting plan will directly affect the Spanish tax system.

Some of the key Spanish tax changes for 2009 are;

Corporate Tax (El Impuesto de Sociedades):

If a company is able to maintain a fixed number of employees during a period required by law, the company will be in a position to depreciate 100% of all of its assets in one single year, which means that it is able to accelerate the tax write down.

Business Tax (Impuesto de Patrimonio):

A business can gain 50% tax relief if they are in the transport industry (which are business categories 721 and 722)

Wealth Tax

In 2008 the law was passed which provides 100% on wealth tax meaning there is no longer any need to submit a wealth tax return.

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