With the aim of increasing tax revenue in the face of the current financial crisis, the Spanish Government just passed Royal Decree-Law 13/2011 dated September 16, which temporarily reinstates the Wealth Tax (Official State Gazette dated September 17, 2011).
The following aspects are worth mention:
- The measure is temporary in nature since it will only apply to 2011 and 2012. The corresponding returns must be filed, in principle, between May 1st and June 30th of 2012 and 2013, respectively.
- A minimum exempt amount of €700,000 is established and applies to both residents and non-residents alike. However, in the case of residents, they must verify that the Autonomous Community where they reside has not established their own exemption amount, which is the case of Catalonia, where the exempt minimum amount is €108,200.
- As regards the exemption to be applied for the value of the taxpayer’s habitual residence, the maximum exempt amount has been raised from €150,253 to €300,000.
For further information, please contact José Blasi: [email protected]