JUNE 2015

Spanish Government will Lower Tax Rates

According to the Spanish press, the Spanish President intends to lower personal and corporate income tax rates, in the next Budget to be presented before September 30.

The pending tax reform, which entered into force back on January 1, foresees an average 12.5% reduction of the personal income tax rate.  Indeed, the minimum personal income tax rate will be reduced from 24.75% to 20% in 2015 and to 19% in 2016; the highest income tax rate will drop from the current 52% to 47% in 2015 and to 45% in 2016.  General corporate tax rate will drop from the current 30% to 28% in 2015 to 25% in 2016.