Spanish Taxes - Residents and Non Residents Annual Taxes in Spain

THE ANNUAL TAX RETURN IN SPAIN
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According to Spanish law, it is considered that a person is tax resident in Spain when any of the following circumstances apply:
• Stay in Spain for more than 183 days in the calendar year
• The core of their economic interests lie in Spain

The consequence of being tax resident in Spain, is the obligation to pay tax on all worldwide income within the PERSONAL INCOME TAX RETURN

The obligation to declare this tax affects all residents, with the following EXCEPTIONS
• Income from employment(pensions including those from overseas) does not exceed 22,000 euros annually
• Investment income (interest, dividends ...) and capital gains do not exceed the limit of 1,600 per year
• The limit of paragraph a) shall be 11,200 euros when:

The income is not taxed at source, or when the total comes from 2 or more incomes (eg 2 pensions/2 salaries or 1 of each) and when the remaining sum of the second exceeds 1,500 per year.
or
When spouses receive compensatory pensions

In all cases state taxpayers are obliged to declare their assets that are entitled to investment deduction for investment in their main residence and INTERNATIONAL DOUBLE TAXATION.

There are 5 kinds of income:

1. Income from work (paid employment, pensions)
2. Investment income (interest, dividends)
3. Income from real estate (Rentals, Second homes
4. Income from economic activities
5. Capital gains (lottery, gambling winnings, sales of assets such as homes, stocks ..)

These revenues in turn are divided into two sections with two different tax rates

1. INCOME FROM SAVINGS: Part of this income the investment income and capital gains that are evident at the time of transfer of assets

2. GENERAL INCOME: The rest that is not part of savings income

TAX RATES:
• SAVINGS INCOME: From 21% to 27%
• GENERAL INCOME: From 24.75%

MINIMUM CONTRIBUTOR:
• Minimum exemption per taxpayer: € 5,151
• Greater than 65 years: € 6069
• Greater than 75 years: € 7191

In addition, employment income and pensions have a minimum exemption of € 2,652

MOST IMPORTANT DEDUCTIONS:
1. Deduction of 15% of the amounts for the purchase of the main residence, acquired before 01/01/2013.
2. Deduction of 10.05% of the amount paid in rental housing.
3. Double Taxation Deduction

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