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Newsletter No. 30 - July and August 2012

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Details Newsletter No. 30 - July and August 2012

  • Finally ended the parliamentary process and we have published the final version of the Labor ReformFinally ended the parliamentary process and we have published the final version of the Labor Reform

    Since the Government's approval by the Labor Reform Decree on 11 February, was finally last Saturday when the law has been published 3/2012 that the final approval. During the parliamentary process has undergone major changes which we explain below

    Following the parliamentary process, we have introduced more than 80 amendments to the original version.

    The Government Gazette published the Law 3/2012, 6 July urgent measures to reform the labor market, in force since Sunday and ends on labor reform process started five months ago with the Royal Decree Law 3/2012 namesake.

    Nine days after final approval in Congress of Deputies on Saturday BOE published July 7 “Labor law reform” -Law 3/2012 of July 6-reform as the vice president noted Soraya Sáenz de Santamaría to announce the approval of Royal Decree Law 3/2012 resulting in the recently published Law "will mark a before and after the legislation labor in our country".

    Following the publication on February 11, next Saturday, the Royal Decree-Law 3/2012, the Congress of Deputies convalidaba the March 8 and agreed to process it as a bill for the emergency procedure. Occurred three weeks after general lahuelga 29M.

    In late May, the Congress, where there were 656 amendments and passed 21 approved the text of the bill and referred the Senate, whose committee on Employment and Social Security rejected the veto of the opposition and approved 11 of the 574 amendments. After the House voted in the Senate on June 21, returned to Congress where it finally approved a week later.

    During its passage through Parliament, which incorporated more than eighty amendments, have changed some aspects regarding the Royal Decree Law 3/2012 initial, such as:

    • It reduces ultractivity of the conventions of two years to one,
    • It concrete that Economic cause on collective redundancies, consisting of three quarters of reduced revenues and sales, be contrasted with the same three quarters of fiscal year
    • It limits the term of the contract of indefinite duration to support entrepreneurs until the unemployment rate is 15%.
    • It modifies the integration system of lagoons of Law 27/2011, for the purposes of quantification of new pensions to be recognized, the process of establishing, integrating for 100% of the minimum bases in the first 48 trading gaps and 50% of the minimum basis in the remaining gaps quote.

    Source: AuthorsBack Top

  • New on the VAT after the holidays, tax rates riseNew on the VAT after the holidays, tax rates rise

    On July 13, 2012 was published in the Gazette the Royal Decree-Law 20/2012 of 13 July on measures to ensure fiscal stability and to promote competitiveness through, among other , introduces a number of important developments of relevance in our tax law, resulting in significant changes in the value added tax:

    VALUE ADDED TAX.

    Is increased to 21% the standard rate of tax, compared with 18% previously, from September 1, 2012.

    Is increased to 10% reduced rate, compared to 8% previously, from September 1, 2012. Furthermore, since that date are removed from the reduced rate, which the general spend 21%, the following services:

    1. The combined services of catering, entertainment, discos, night clubs, barbecues or similar.

    2. Those provided by performers, artists, directors and technicians, who are natural persons, producers of films that can be exhibited in theaters and the organizers of plays and musicals.

    3. The entrance to theaters, circuses, bullfights and other than bullfights, amusement parks and amusement rides, concerts, libraries, museums, zoos, cinemas and exhibitions.

    4. The services provided to individuals taking part in sport or physical education, regardless of the person or entity in charge of the service is provided where such services are directly related to such practices and not applicable to the same exemption to referred to in Article 20.

    5. Funeral services conducted by the funeral homes and cemeteries, and the supply of goods related thereto made ??to those who are recipients of those services.

    6. Health care, dental and spa treatments that do not benefit from exemption under Article 20.

    7. The amateur sporting character.

    8. The exhibitions and fairs of a commercial nature.

    9. Hairdressing services, including, where applicable, those additional services that empower the section 972.1 of the rates of tax on economic activities.

    10. The executions of renovation and repair work carried out in buildings or parts thereof used for dwelling, when the following requirements are met

    • The recipient is an individual, not acting as an entrepreneur or professional and home use referred to the works for their own use.
    • Notwithstanding the preceding paragraph, also in this issue include these executions of work when your recipient is a community of owners.
    • The construction or rehabilitation of housing referred to the work is completed at least two years before the start of the latter.
    • That the person performing the work does not provide materials for execution or, if that contribution, the cost does not exceed 33% of the taxable amount of the transaction.

    11. The delivery and reception of digital broadcasting services and digital television, with the exception of this concept, the operation of transmission infrastructure and the provision of electronic communications services necessary for that purpose.

    Are increased from 1 September 2012 the rates of surcharge regime equivalence with additional types that affect wholesale suppliers to the companies benefiting from this scheme and that in turn are exempt from filing these periodic by the tax. Rates are as follows:

    1. In general, 5.2%, compared to 4% previously.

    2. For supplies of goods to which it applies the tax rate set reduced to 1.4%., Compared with 1% previously.

    3. For supplies of goods to which the applicable tax rate to 0.50% super, remains unchanged.

    4. For deliveries of goods under the Special Tax on the Work of Snuff, 1.75%. Additional.

    Since all these changes on VAT apply from 1 September to find out what kind should check each operation must meet the standards of accrual of the tax, then proceed to remember:

    • Supplies of goods the chargeable event occurs in the time that the property becomes available to the purchaser, considering the clauses of the contracts of operations.
    • In the provision of services occurs when the service ends. However, to December 31 of each year the share is payable executed projects with more than 6 months.
    • In execution of work, when it produces the final certification of work.
    • In successive chain services, such as leases, telephones, supplies, etc.., When the service charge payable by the creditor, in response to provisions in contracts. For example, on the phone, every time the company this set that I have to issue the invoice, bill in September 1, although the August pay consumption will be issued with 21% VAT.
    • In all these cases, the VAT Act expressly provides that anticipated accruals occur when receiving the goods or services performed prior to the accrual payments each of normal operations. That is, if I am to receive a service from which are taxed in the general scheme of VAT payment in September and August, the company that provides 18% affect me, even though this ends in a moment of application of new rates. This situation is validated with settled doctrine of the Directorate General of Taxes.

    Source: AuthorsBack top

  • New changes also in income tax, on September 1 amending the rates of withholdingNew changes also in income tax, on September 1 amending the rates of withholding

    On July 13, 2012 was published in the Gazette the Royal Decree-Law 20/2012 of 13 July on measures to ensure fiscal stability and to promote competitiveness through, among other , introduces a number of important developments of relevance in our tax law, resulting in significant changes in the Income Tax of Individuals:

    INCOME OF NATURAL PERSONS

    Increases for operations from September 1, the deductions must be practiced by companies to the earned income earners by providing courses or conferences, this time going from 15% to 19%.

    We must remember that the sums received for these services have the status of earned income, you have to give the necessary conditions for that are not considered of economic activities, a fact that becomes more important than ever, because as we shall see then withholding economic activities whose headings IAE are in the second section of the tax rates, that is considered to be professionals, like most of those that may be considered by the delivery of courses and conferences, rise to 21 % during the transitional period of September 1, 2012 to December 31, 2013. The consideration of economic activity will occur if these two circumstances:

    • Dependency and ajeneidad. Courses are considered earned income or conferences if they are given in the schedules, conditions and instructions issues by the payer and also the following condition.
    • Sorting characteristic of the means of production. To be considered earned income is necessary that the materials used in the courses or conferences, and other tools such as blackboards, school supplies and of course teaching space, owned by the payer of the income.

    With regard to the deductions relating to professional activities, with this consideration in accordance with the provisions above, raises the rate applicable from 15% to 19%, with effect from 1 September 2012, also setting up a transitional period is the same September 1, 2012 to December 31, 2013, which applied a 21% withholding tax on such income.

    Finally, with regard to deductions, eliminating the additional compensation deduction amounts paid to acquire residence they received in their annual tax return taxpayers who purchased their home before January 20, 2006, consisting of a 5% the 4,500 additional € paid in the first year for the same, empezándose to apply in the year 2012.

    To understand this change, we recall that the revised text of the repealed Act on Income Tax of Individuals are allowed a deduction of 20% on the first € 4,500 satisfied for the acquisition of residence, while for the 4,500 remaining € to the maximum limit of deduction base of 9,000 € is deducted 15%. With the approval of the current Law 35/2006 of personal income tax, the deduction is set at 15% for the whole basis of deduction, with the same cap of 9,000 €. To avoid damage to taxpayers who were already applying the deduction, this bill was introduced in an additional provision allowing to receive such amount of 5% of the first € 4,500 paid in the acquisition, provided they have acquired your home at an earlier date to January 20, 2006, the date published in the Official Gazette of the Parliament the draft of the current Income Tax Act. And this compensation, which is eliminated from the year 2012 with the approval of this Royal Decree-Law 20/2012.

    Source: AuthorsBack top

  • New modification in the calculation of partial payments of income tax so far this yearNew modification in the calculation of partial payments of income tax so far this year

    On July 13, 2012 was published in the Gazette the Royal Decree-Law 20/2012 of 13 July on measures to ensure fiscal stability and to promote competitiveness through, among other , introduces a number of important developments of relevance in our tax law, resulting in significant changes in income tax:

    INCOME TAX

    With this tax, most of the measures is exceptional, effective for taxable years 2012 and 2013, and again lead to large enterprises.

    Offset of tax losses:

    Increase the limitations on compensation for tax losses introduced by Royal Decree-Law 9/2011 of 19 August, improvement measures (art. 26. First. One of Royal Decree-Law).

    Thus, for taxpayers whose turnover has exceeded the amount of 6,010,121.04 euros during the twelve months preceding the start date of the tax periods in the year 2012 or 2013.

    - Compensation for loss carryforwards is limited to 50 per 100 of the tax base prior to such payments (prior to 75 100), when in those twelve months, the net amount of the turnover is at least twenty million but less than sixty million.

    - Compensation for loss carryforwards is limited to 25 per 100 of the tax base prior to such payments (prior to 50 100), when in those twelve months, the net amount of the turnover is at least sixty million.

    These new restrictions do not apply to partial payments whose reporting period has expired the entry into force of Royal Decree-Law (April).

    Tax amortization of intangible assets with indefinite useful lives and deductibility of goodwill.

    It limits the deduction of amortization of intangible assets with indefinite useful lives, from the maximum annual deduction of 10 to 2 100, being the limit, although such restrictions excepcionando taxpayers of income tax, except that it is extensible the limitation on the deductibility of goodwill introduced by Royal Decree-Law 12/2012. (art. 26. First. Two and Three of Royal Decree-Law).

    Instalments

    With effect for partial payments whose declaration periods beginning on or after the entry into force of Royal Decree-Law, for tax periods beginning in 2012 and 2013, the following amendments. (art. 26. II of Royal Decree-Law).

    In connection with big business, introducing various modifications to the method of payment by installments, the determination is made based on tax period elapsed. In this sense, is included in its base by 25 per 100 of dividends and income that result from the transfer of shares that are entitled to exemption scheme to avoid international double taxation on dividends and foreign source income derived from the transfer of securities representing the equity of entities not resident in Spanish territory.

    Increase the percentages to calculate the installment payments based on turnover. Thus, in the case of taxable persons whose turnover has not exceeded the amount of 6,010,121.04 euros during the twelve months preceding the start date of the tax periods in the year 2012 or 2013, the result of a fivefold seventh the tax rate rounded down.

    In the case of taxable persons whose turnover has exceeded the amount of 6,010,121.04 euros during the twelve months preceding the start date of the tax periods in 2012 or 2013, is as follows:

    - The result of multiplying by five sevenths the tax rate rounded down when in the twelve months the net turnover of less than ten million.

    - The result of multiplying by fifteen twentieths the tax rate rounded up when in the twelve months the net amount of turnover is at least ten million but less than twenty million.

    - The result of multiplying by seventeen twentieths the tax rate rounded up, when in those twelve months, the net amount of the turnover is at least twenty million but less than sixty million euros.

    - The result of multiplying by nineteen twentieths the tax rate rounded up, when in those twelve months, the net amount of the turnover is at least sixty million.

    Finally, regarding the minimum amount of repayment in installments based on the profit or loss provisions of Royal Decree-Law 12/2012, the percentage increases, becoming 12 per 100, down from 8 per 100, and payment minimum will not be reduced by rebates and deductions for the period.

    Deductibility of financing costs

    As an indefinite, amending the limitation on the deductibility of interest expense, extending it to all companies in general, not limited to membership of a trade group. It also exempts from the application of the limitation specified for those cases in which occurs the extinction of a body, without the possibility of subrogation to another entity for the future implementation of financial expenses not deducted. (art. 26. Three of Royal Decree-Law).

    In the Government Gazette of 17 July 2012 was published the Resolution of July 16, 2012, the Directorate General of Taxes, which clarifies and gives examples relating to the limitation of the deductibility of interest expenses. The Tax Office has seen fit to enact this resolution to establish interpretive criteria necessary to provide legal certainty given the immediate application of this limitation.

    Tax on dividends and foreign source income derived from the transfer of securities representing the equity of entities not resident in Spanish territory.

    Finally, with effect from July 15 and on an exclusive basis until 30 November 2012 establishing a special tax on foreign source income similar to the provisions of Royal Decree Law 12/2012, while this new tax affects a larger volume of dividends or the transmission of a greater volume of shares that there regulated, with lower requirements, demanding, consistent, a higher tax rate, which is 10 per 100. (art. 26. Fourth of Royal Decree-Law).

    Source: AuthorsBack Top

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