Government measures in key jurisdictions 4th edition - Flipbook - Page 128
Spain
•
Suspension of assessment of VAT and of excise taxes on electricity and on
hydrocarbons on the bills or electricity, natural gas and oil
products: Exemption from any obligation to assess and pay VAT and, where relevant, the
excise tax on electricity and the excise tax on hydrocarbons relating to bills with suspended
payment, until the customer has paid them in full, or 6 months has run from
the end of the state of emergency.
•
Measures in relation to the CIT prepayments: Taxpayers with revenues of €600,000 or lower
in 2019 will be entitled to calculate their CIT prepayments using the “tax base method” before May
20, 2020 (deadline for filing the April prepayment for these
taxpayers, due to the extension of the period approved by Royal Decree-Law 14/2020). Other
taxpayers with net revenues of €6,000,000 or lower in FY19 will be also entitled to calculate their
following prepayments (October and December 2020) using the “tax base method”. This measure
does not apply to any tax group taxed under the special consolidated tax regime for CITpurposes.
•
Tax credits for donations: Taking effect from January 1, 2020, a higher tax credit is available
for donations made by individuals and by non-resident income taxpayers operating in Spain
without a permanentestablishment.
•
Corporate income tax credit for investments in cinematographic productions
and audiovisual series: An increase of the tax credit percentages has been approved for
the investments and short films are included among the investments giving entitlement to that tax
credit.
•
Events of exceptional public interest: Additional events and programs of exceptional public
interest have been included for the purposes of the tax regime for not-for-profit entities and on tax
incentives forpatronage.
•
Corporate income tax: Royal Decree-Law 19/2020 (“RD 19/2020”) states that the three month
period for preparing the financial statements will start running on June 1, 2020. Likewise, RD 19/2020
has provided a mechanism allowing a new self-assessment to be filed until November 30, 2020 if the
approved financial statements differ from the information used in the self-assessment and filed in the
voluntary period, without any surcharges, although late-payment interest will accrue. For more
information, please visit here.
•
New stamp tax exemption: RD 19/2020 introduces a new stamp tax exemption for deeds
recording the moratorium arrangements under previous Royal Decree-Laws.
•
Telematic tax inspections: the General Tax Law has been amended to introduce the possibility
that administration’s activities within tax application procedures may be dealt with the taxpayers
through telematics means.
•
Increase of tax credit for innovation and unrestricted depreciation for certain assets in
the automotive industry: the rate of the tax credit for technological innovation activities goes
from 12% to 25% for expenses in technical innovation activities resulting in a technological
advancement related to the automotive industry.
•
Taxpayers may take unrestricted depreciation over investments on new tangible fixed assets made in
2020 (excluding real estate). The maximum amount of the investment that may qualify for this
depreciation regime will be € 500,000. For more information, please visit here.
•
For more information, please visit: Covid-19: Key new legislation introduced in Royal Decree-Law
11/2020, Companies facing the Covid-19 crisis and Spain interactive map for Covid-19
Government measures in key jurisdictions
128