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Wealth Tax Spain - Is this now operative?

WEALTH TAX EXTENDED ON 2014 ALSO

The Government will allow the regions to extend for one year the wealth tax , as stated in the draft Law on General State Budget ( PGE ) for 2014 released Monday in the Parliament.

The executive explained that ” extending for 2014 the requirement levy wealth tax in order to contribute to deficit reduction .”

Thus, the rule is stated that with effect from January 1, 2015 amending the general bonus tax payable from the levy .

Thus, on the gross tax will apply a bonus of 100 % to the tax liability of contributing personal or property from 2015 .

The wealth tax was recovered during late Socialist government of Jose Luis Rodriguez Zapatero on a temporary basis for the years 2011 and 2012 , although the Executive extended Mariano Rajoy during this 2013 and it has done it again for 2014 .

This tax, levied on the citizens ‘ net worth , taxable income is reduced by 700,000 euros unless autonomous communities have established other amount .

Also , remember that when he recovered in 2011 raised the exemption limit of the residence up to a maximum of 300,000 euros.

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