If you or your clients are subject to Spanish taxes, 30 November 2012 is the final date for declaring as yet undeclared rights, assets or income under the Spanish government tax amnesty.
With some exceptions this tax amnesty relates to any rights, assets or income as yet undeclared and taxable in Spain, providing the income was earned, or the right or asset was acquired, prior to 31 December 2010, or prior to 31 March 2012 if the taxpayer's tax year does not coincide with the calendar year. The effect of the tax amnesty is to allow taxpayers to pay tax equal to 10% of any such income, or 10% of the total acquisition value of any such right or asset. The payment will not be subject to penalties, interest or other sanctions, but will be treated as a simple payment of tax, whether personal tax, wealth tax or corporation tax, according to the ownership of the right or asset in question.
Find out more about Spanish inheritance tax.
Please contact Jonathan Eshkeri immediately if either you or one of your clients may be able to take advantage of the tax amnesty. Failure to take advantage of this amnesty may result in tax being paid at the full rate, in addition to interest, penalty interest and fines.
Find out more about non resident tax in Spain.
For more information you may read, in Spanish, the Orden HAP/1182/2012 of 31 May 2012, which sets out the full text of the amnesty.
