The year 2024 brings with it a series of significant changes to the Spanish tax system, affecting individuals, self-employed workers and companies. These changes include:
Payroll Tax (MEI): This tax, created to finance pensions, has increased its rate. In 2023, it was 0.6%, shared between companies (0.5%) and workers (0.1%). In 2024, it rises to 0.7%, with companies paying 0.58% and workers 0.12%. This tax is calculated on the gross monthly salary and will increase gradually until 2029.
Declaration of Crypto Assets Abroad: Since 2024, people and companies in Spain must declare the crypto assets they possess outside the country, as long as their value exceeds 50,000 euros. This measure is part of the fight against tax fraud and requires reporting on the balance of these assets.
Rental Deduction: The Right to Housing Law reduces the personal income tax deduction of net rental income from 60% to 50%. There are additional bonuses in certain circumstances, such as in stressed areas or rentals to young people.
Works for Energy Efficiency: The 60% deduction in personal income tax for works that improve energy efficiency in homes is extended until 2024.
Incentives for Electric Cars: Those who buy electric cars between 2023 and 2024 will be able to deduct 15% of the acquisition value in personal income tax.
Tax on Large Fortunes in the Basque Country: It will be implemented for the first time in 2024, affecting assets above certain thresholds.
Reactivation of the Wealth Tax in Madrid and Andalusia: This tax taxes fortunes above two million euros.
Changes to the Inheritance and Gift Tax: In some regions, this tax has been significantly reduced or even eliminated. An example is the Valencian Region, which Inheritance Tax has been reduced drastically being now one of the regions with lowe inheritance and donation tax to pay in Spain.
Module System for the Self-Employed: The extraordinary reduction in personal income tax is eliminated, increasing the tax burden.
Recycled Plastic Certificate: Companies must certify recycled plastics to avoid a tax on non-reusable plastic.
Minimum Tax of 15% for Multinationals and Large Groups: Companies with a high turnover must ensure a minimum tax of 15%.
Sales Report on Online Platforms: Digital platforms must report to the Treasury about the sales made by users.
VAT on Food and Energy: The extension of the VAT reduction on basic foods and a decision on the VAT on electricity and gas are expected.
These changes represent a significant restructuring in various aspects of the tax system, with varied implications for different sectors of society.