## [Tax Updates 11-2012](/en_GB/new/tax-updates-11-2012) # Tax Updates 11-2012 12 / 27 / 2012 - - [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/tax-updates-11-2012) - []() - []() [Download Tax Updates 11-2012 ![Download](/sites/default/files/inline-images/flecha-abajo.png)](/sites/default/files/noticias/files/Novedades-Fiscal-11-2012-ingles_1.pdf) Previous Next NEW TAX LEGISLATION IN THE BUDGET LAW FOR 2013 AND IN THE TAX MEASURES LAW The Official State Gazette of December 28, 2012 saw the publication of Law 16/2012, of December 27, 2012, adopting various tax measures aimed at shoring up public finances and boosting economic activity (the “Tax Measures Law”), and Law 17/2012, of December 27, 2012, on the General State Budget for 2013. The main new tax measures contained in both laws are described below. **1. LEGAL AND TAX TREATMENT OF SOCIMIS** One of the most important new pieces of legislation in the Tax Measures Law is the overhaul of the tax and legal regime for listed corporations for investment in the real estate market, known as SOCIMIs (Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario), which seeks to simplify and add flexibility to their legal and tax regime and to bring it into line with that of Spain’s neighboring countries. Readers may recall that the principal characteristic of SOCIMIs is their corporate purpose, consisting of the lease of urban properties and to make annual distributions of a certain percentage of their profits. **2. TAX REGIME FOR RESIDENTIAL LEASING ENTITIES** The requirements to apply the special corporate income tax regime for entities engaged in residential leasing activities have been made more flexible for the fiscal years starting on or after January 1, 2013. **3. BALANCE SHEET REVALUATION** The Tax Measures Law lays down a voluntary tax revaluation with a 5% charge on the revalued amount. The characteristics of this revaluation are described in detail below. **4. TAX ON DEPOSITS AT CREDIT INSTITUTIONS** The law includes the creation of the so-called “tax on deposits at credit institutions” the purpose of which is to tax deposits of all types placed at credit institutions, in the whole of Spain. This tax will be payable in the periods starting on or after January 1, 2013 **5. TAXATION OF SEVERANCE PAY** As the government has been announcing, starting on January 1, 2013, there will be tougher taxation for “very high amounts” of severance pay. The changes affect the taxation of both the recipients and the payers of the severance that are corporate income taxpayers. **6. NEW TAX TREATMENT FOR GAINS FROM GAMING ACTIVITIES** Effective on January 1, 2013, the personal income tax exemption for the gains obtained from prizes and lotteries (ONCE, the Red Cross, the central government lottery agency (Loterías y Apuestas del Estado), etc.) has been eliminated, although these gains will not be included in the personal income tax base. **7. OTHER PERSONAL INCOME TAX CHANGES** **8. CORPORATE INCOME TAX CHANGES** **9. VALUE ADDED TAX AND CANARY ISLAND GENERAL INDIRECT TAX** **10. OTHER CHANGES** **11. 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