Saturday, 8 October 2016

New Spanish minimum estimated corporate income tax payments due October 20, 2016

The Spanish government on September 30, 2016, passed Royal Decree Law 2/2016, changing the corporate income tax (CIT) law related to estimated payments. The most significant amendment introduces a mandatory minimum estimated CIT payment of 23% of accounting profits, under certain conditions.

This new rule took effect September 30, 2016, and applies to all entities with revenues exceeding Euro 10 million (EUR) during the 12-month period prior to the beginning of the current tax year.

The measures aim to increase revenues to meet the deficit level agreed upon with the European Union.

Source & more info: PwC