The 2014 Budget published by the Spanish government is now applicable as of 1 January 2014. The budget includes a long-term strategy targeting employee training, advance payments regulation and much more under corporate income tax, reports Nair & Co.’s International Tax Team.

1. Spain 2014 Budget Now in Effect: Update from Nair & Co. Tax Team
(Bristol, UK) - The 2014 Budget published by the Spanish government is now applicable as of 1 January
2014. The budget includes a long-term strategy targeting employee training, advance payments
regulation and much more under corporate income tax, reports Nair & Co.’s International Tax Team.
Significant highlights of the changes included in the regulatory framework of corporate and individual
taxation are as follows:
Corporate taxes

Extended tax measures to 2014:

Small entities that maintain or create new jobs will be eligible for a reduced tax rate.

In order to benefit employee training in new information technologies, tax incentives
will continue to be granted on expenses and investments made by such companies.

New rules have been introduced for advance payments.

New coefficient applicable to the acquisition cost while transferring immovable assets.
Individual income taxes

Tax credits are extended for expenses and investments related to in information technology job
training.

An extension is provided to supplementary surcharges which were introduced for the year 2012
and 2013.
Non-residents’ taxation

Income tax rates set for 2012 and 2013 are now extended to 2014.

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