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Spain to Keep Wealth Tax in 2013 Budget

Thursday, 20 September 2012   (0 Comments)
Posted by: SAIT Technical
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The Spanish government will keep a tax on the wealthiest in the 2013 budget as the country aims to cut its deficit down to 4.5% of the gross domestic product next year, reports Expansion in its Wednesday Internet edition, citing unidentified sources close to the project.

The wealth tax, which was eliminated in 2008, was reinstated in September 2011 and was applied to people with net assets of more than EUR700,000 ($912,000) in 2011 and 2012.

In addition, the government is now also looking to toughen the levy further by lowering the tax's minimum threshold to EUR108,000, according to Expansion.



Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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