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TAX REFORM

New Legislation on Personal Income Tax, Nonresident Income Tax and Inheritance and Gift Tax

Tax Commentary 6-2014

12/14/2014
Commentaries

Law 26/2014, of November 27, 2014, amending Personal Income Tax Law 35/2006, of November 28, 2006, the Revised Nonresident Income Tax Law approved by Legislative Royal Decree 5/2004, of March 5, 2004, and other Tax Provisions

Law 26/2014, of November 27 2014, amending Personal Income Tax Law 35/2006, of November 28, 2006, the revised Nonresident Income Tax Law approved by Legislative Royal Decree 5/2004, of March 5, 2004, and other tax provisions (personal income tax and nonresident income tax amendment law) was published in the Official State Gazette on November 28, 2014. This Law also makes amendments to inheritance and gift tax and wealth tax and to the legislation on pension plans and funds.

The main reforms are summarized below.

1. Personal income tax

2. Inheritance and gift tax

3. Wealth tax

4. Nonresident income tax

5. Changes in the Pension Plans and Funds Law

6. Entry into force

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