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Newsletter: No. 1 - January 2010

Clicking on the headline of each news item, you have access to the detail of it.

Details Newsletter No. 1 - January 2010

  • LAW 26/2009 of 23 December, the General State Budget for 2010.

    In this Act is applicable to the approval of the State Budget.

    Income Tax of Individuals:

    • It rises to 15,500 euros free allowance for unemployment benefits are the only payment method.
    • They keep the amounts of reductions by obtaining employment income and certain income from economic activities.
    • Maintaining the minimum amounts of the taxpayer, descendants, ancestors and disability.
    • For capital gains from real estate, including the updating of the weightings of the acquisition value.
    • Adopting the same general level, state and regional governments, the tax in the previous year.
    • It raises the income tax savings, which becomes 19% for the first 6,000 euros and 21% for the excess over these 6,000 euros.
    • Amending the income tax credit for obtaining work or business activities (400 euros) becoming applicable only to taxpayers whose tax base is less than 12,000 euros. Complete bases being less than 8,000 euros and progressive basis between euros and 12,000 euros 8000.01.
    • The retention rate becomes 19%:
    • The investment income
    • Capital gains derived from forest use by local residents in public forests.
    • Awards.
    • Income from a lease or sublease of city property.
    • Income from intellectual property, industrial, technical assistance, the lease of movable property, business or mines and the sublease on the above assets.
    • On income from the sale of rights to the exploitation of image rights, whatever their qualifications, will be 24%. Percentage of income on account of the case provided in Article 92.8 of the Income Tax Law becomes 19%.
    • The rate of prepayments on capital gains from the transfer or redemption of shares and collective investment institutions also happens to be 19%.
    • Establishing priority activities and sponsorship programs.
    • Determination of IPREM and legal interest.
    • Amending the rate applicable to non-resident taxpayers on income from savings going to be 19%.
    • The special scheme for displaced workers to Spanish territory incorporates a ceiling of 600,000 euros. Displaced workers prior to January 1, 2010 maintain the previous regime.
    • Not be integrated into the income tax base receiving aid from the EU's agricultural policy in relation to permanent abandonment of the cultivation of sugar beet and sugar cane.

    Tax Companies:

    • Updating the coefficients applicable to real estate assets, which corrects the currency depreciation in the event of transmission.
    • It deals with the process of determining the amount of tax payments.
    • Increases to 19% retention rate for income from leases.
    • Creates a reduced rate (20% and 25%) for companies that maintain or create jobs and meet the requirements. (Less than 50 employees and turnover less than € 5 million).
    • Not be integrated into the base of I. Companies receiving aid from the EU's agricultural policy in relation to permanent abandonment of the cultivation of sugar beet and sugar cane.
    • Establishing priority activities and sponsorship programs.
    • Determine the tax benefits applicable to those events that deserve the qualification of exceptional public interest:
    • Misteri d’Elx
    • Guadalupean Jubilee Year.
    • World Youth Days 2010.
    • Millennium Commemoration of the founding of the Kingdom of Granada.
    • Solar Decathlon Europe 2010 and 2012.
    • Sailing Around the World 2011 Alicante.
    • Google Lunar X Prize.
    • Amending the Law on Investment Companies Listed on the real estate market with the following changes:
    • The tax rate becomes 19%.
    • The breach of condition of stay passes to lead to increased pay by 11%.

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  • ICO Financing Lines 2010ICO Financing Lines 2010

    Please note that the Official Credit Institute (ICO) and financial institutions have launched principal financing the 2010 ICO: line ICO-Inversión Nacional (which includes the former ICO ICO SMEs and Corporate Growth), the ICO - International Investment, ICO - Entrepreneurs and ICO-Liquidity.

    Major developments affecting 2010 of ICO National Investment, International Investment and Entrepreneurship:

    Included as Eligible investments:

    • The new productive assets and also the second-hand.
    • VAT or IGIC.
    • The acquisition of passenger vehicles, the price (including VAT) does not exceed € 24,000.
    • The acquired companies.

    Extending the repayment period to 12 years. Therefore, the customer can choose between 3, 5, 7, 10 and 12, and various vesting periods as elected term.

    • Remains the possibility of finance 100% project.
    • The maximum amount of funding per client for the ICO-LIQUIDITY 2010is up to 2 million euros for freelancers and companies with fewer than 50 employees and up to 50 million euros for companies with 50 or more workers.

    For further information on any / as lines may consult with most banks and building societies, who have signed cooperation agreement with the ICO.

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  • Formal amendment of Tax Obligations

    The Council of Ministers approved a Royal Decree to amend certain tax obligations formal procedures for application of taxes and other tax rules containing.

    The amendments have as main objectives to continue the effort to combat tax fraud, electronic boost relations between the Administration and citizens, simplify procedures.

    Fight against fraud

    On the one hand, there will be a more agile and effective monitoring of the provisions, payments and collections are made in cash through banks or credit when they exceed three thousand. In addition, banks or credit card and other institutions providing management service charges through credit card or debit card, entrepreneurs and professionals should be systematically informed of the operations performed by them when their annual amount exceeds three thousand euros. The Tax Office could now access this information upon specific request to the banks, but with the new Royal Decree is systematized this transfer of data, giving annual regularity.

    With the same objective of enhancing transparency and combating tax evasion, amending the Rules of the Organization and Management of Notaries, with the intention that the transactions concerning real property clearly identify data media paid employees, whether in cash, transfer, debit, checks or other money instruments.

    Management and inspection procedures

    Also amending the General Rules of Proceedings and Procedures Management and Development Tax Inspection and Common Standards Implementation Procedures of Taxes. Here are some of the most important changes:

    Incorporates the regulatory treatment for certain cases of creation of entities with the aim of contributing to business development policies and promotion of economic activity.

    Electronic relationships are promoted between government and citizens in order to speed up proceedings, and incorporated new provisions in relation to the use of the Single Electronic Document (DUE). This will be valid for statements of a census of high economic activity, eliminating the filing requirement of high census in the Census of Business, Professional and retainers.

    Notifications regarding introducing a new article designed to adapt the tax reporting regime to the Law on citizens' electronic access to public services, from June 22, 2007, and regulates the possible attribution of an electronic address to entities and individuals.

    Other changes

    In addition, Royal Decree adopted today incorporates a modification of the Income Tax Regulations to facilitate the development of clearing and settlement functions that the legislation gives the Society of Management Systems Registration, Clearing and Settlement. Therefore, excluding the company to support or income tax practice in relation to income derived from loans of securities made by the entity.

    Finally, also amending the regulation governing billing obligations, in what refers to the issue of invoices by the National Energy Commission on behalf of distributors and producers of electric power system Special or their representatives. This Commission will issue invoices for premiums equivalent, bonuses, incentives and allowances that apply to electricity producers in the special regime.

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  • Bill Referral Sustainable Economic Advisory BodiesBill Referral Sustainable Economic Advisory Bodies

    The Cabinet has agreed to refer the Draft Law on Sustainable Economy advisory bodies involved by collecting the same materials for their views and potential contributions to the text.

    According to information provided by the various ministerial departments that have participated in the preparation of the draft bill will be requested to report the following advisory bodies prior to the mandatory referral of the text to the Council of State, National Competition Commission, National Commission Local Administration, National Energy Commission, Council for Electronic Administration, Council of Consumers and Users, Economic and Social Council, Commission Market Telecommunications Advisory Board for Telecommunications and Information Society, National Commission Stock Market's National Land Transport Council, Bank of Spain, Advisory Board of Insurance and Pension Fund, National Council on Disability Council of the Judiciary, Spanish Agency for Data Protection, Environmental Advisory Council, Council Universities, Schools Council, Postal Advisory Council, General Council of Notaries and Registrars Association and Commercial Property in Spain.

    Our organization occupies an important place among the sector companies earning the respect of its competitors, gaining notoriety as credit-worthy among the very rich companies.

    The Government expressly invited to participate in this process of consultation with regional governments, since they contain various provisions of the Draft performance criteria for government, to be implemented, both autonomous and municipal entities, represented by the Commission National Local Government. Additionally, and to facilitate the participation of associations and individuals, the text will be available on the website of the Ministry of Economy (www.meh.es) from next Monday until January 26.

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  • Unemployment grew almost three times more foreigners in the crisisUnemployment grew almost three times more foreigners in the crisis

    At December 31 last year, the Public Employment Service-INEM-former had recorded a total of 566,517 unemployed foreigners caseworker. One in seven unemployed do not have Spanish nationality, considering that 2009 closed with 3,923,603 people and 5,325,731 are unemployed who are seeking, according to the latest figures from the Ministry of Labour and Immigration.

    The economic crisis that began in August 2007 was especially striking for foreign workers. At the end of last year there were 359,074 males and 207,443 unemployed foreigners in women. In June 2005, the month in which are located the lowest unemployment figures in this group of workers, there were only 104,728 unemployed foreigners (51,177 men and 53,551 women). In August 2007, the month in which it begins to be certain of the subprime mortgage crisis, Spain had 167,759 unemployed foreigners.

    Soaring

    According to Labor Ministry data, in these past 29 months, from the beginning of the crisis, the registered unemployment has increased overall by 93.44%, equivalent to 1,895,307 workers. Among the foreign workforce, unemployment has risen by 398,758 people, 237.7%, 2.5 times the national average.

    The largest number of unemployed foreigners are concentrated in the services sector. Exactly half the number of registered unemployed, in particular 280,385, is concentrated in the services sector, the hardest hit by the economic crisis. The contraction of GDP during the past year, around 3.6%, according to the consensus of top analysts and national and international institutions, has led to a slump in domestic consumption of households. Purchasing decisions for durable goods has been delayed as a result of rising unemployment and increasing difficulties of access to financing from banks and savings.

    Services

    In August 2007, Spain had only 86,701 unemployed foreigners in the service sector. In December last year, the old INEM recorded 280,385, representing an increase of 223%. During the crisis, unemployment in this sector among the foreign population has more than tripled. Among the self-employed the situation is no different. Real estate and retail are the hardest hit by the economic crisis: the first, the number of autonomous foreign affiliates decreased in the last year 18,440 people, 73.6% of the casualties, and in 1,162 in the case trade (4.6% of casualties).

    The construction sector was the second in which more has been noticeable economic recession through Spain. The year 2009 ended with 164,083 unemployed foreigners, a figure four times higher than August 2007 (42 767). In May 2005, the number of unemployed foreigners in the building came down to 20,000, the lowest level recorded in recent years.

    But the problem is not confined to employees. In the first eleven months of 2009, the Special Scheme for Self-Employed (Reta) declined by 25,057 self-employed foreigners, which rose from 224,156 in December 2008 to 199,099, representing a decrease of 11.2%, which is twice By far, the total registered in the Challenge, which saw a decrease of 4.5%.

    During the month of November 2605 Reta lost self-employed foreigners, double the loss recorded during the month of October (1122 self-employed foreigners) and is located very far from that recorded during the month of September (372).

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  • Workers affected by ERE Madrid take up to 4 months to collect unemployment

    More than 20,000 workers affected by ERE spend weeks without receiving unemployment by the collapse in Labour offices. The number of workers affected by ERE in Madrid has more than doubled in just one year.

    The amendments have as main objectives to continue the effort to combat tax fraud, electronic boost relations between the Administration and citizens, simplify procedures.

    Fight against fraud

    On the one hand, there will be a more agile and effective monitoring of the provisions, payments and collections are made in cash through banks or credit when they exceed three thousand. In addition, banks or credit card and other institutions providing management service charges through credit card or debit card, entrepreneurs and professionals should be systematically informed of the operations performed by them when their annual amount exceeds three thousand euros. The Tax Office could now access this information upon specific request to the banks, but with the new Royal Decree is systematized this transfer of data, giving an annual regular.

    With the same objective of enhancing transparency and combating tax evasion, amending the Rules of the Organization and Management of Notaries, with the intention that the transactions concerning real property clearly identify data media employees pay, either in metallic, transfer, debit, checks or other money instruments.

    Management and inspection procedures

    Also amending the General Rules of Proceedings and Procedures Management and Development Tax Inspection and Common Standards Implementation Procedures of Taxes. Here are some of the most significant changes:

    It incorporates the regulatory treatment for certain cases of creation of entities with the aim of contributing to business development policies and promotion of economic activity.

    Electronic relationships are promoted between government and citizens in order to speed up proceedings, and incorporated new provisions in relation to the use of the Single Electronic Document (DUE). This will be valid for statements of a census of high economic activity, eliminating the filing requirement of high census in the Census of Business, Professional and Retainers.

    Notifications regarding introducing a new article designed to adapt the tax reporting regime to the Law on citizens' electronic access to public services, from June 22, 2007, and regulates the possible attribution of an electronic address to entities and individuals.

    Other changes

    In addition, Royal Decree adopted today incorporates a modification of the Income Tax Regulations to facilitate the development of clearing and settlement functions that the legislation gives the Society of Management Systems Registration, Clearing and Settlement. Therefore, excluding the company to support or income tax practice in relation to income derived from loans of securities made by the entity.

    Finally, also amending the regulation governing billing obligations, in what refers to the issue of invoices by the National Energy Commission on behalf of distributors and producers of electric power system Special or their representatives. This Commission will issue invoices for premiums equivalent, bonuses, incentives and allowances that apply to electricity producers in the special regime.

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  • Spanish trade and 90,000 establishments lost 40,000 jobs last yearSpanish trade and 90,000 establishments lost 40,000 jobs last year

    The fall in consumption has been swept away 40,000 businesses and 90,000 jobs, according to the secretary general of the Spanish Confederation of Commerce (CEC), Miguel Angel Fraile.

    The sector generates about 650,000 businesses and over three million jobs.

    Despite these data, Brother has predicted a 2010 that can maintain employment in the sector in Spain, starting with a good winter sales campaign and continuing to improve the general economic situation at midyear. It also believes that financial institutions "and are opening the tap"of credit.

    About 100,000 businesses in Spain, except in Madrid and Murcia, who started the campaign on January 2 this Thursday-start sales. The turnover of the winter sales season is about 20% of the total volume of the year for the textile sector, compared with 15% representing the summer sales, as it is of higher value items.

    The traders expect to maintain turnover over the previous year and estimated a cost of 100 euros per person and 400 per household. Prices will be lower than a year ago, and there will be discounts of 50% from the first day. In the case of supermarkets, will be up to 70%, according to the National Association of Large Distribution Companies (ANGED).

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