Wednesday, May 21, 2008

Wealth tax abolished

The Spanish wealth tax has been abolished from 1-1-2008, Spanish Wealth Tax is payable by both residents and non-residents that own property in Spain, although the rules are different. Residents pay wealth tax on their worldwide assets but have tax-free allowances, whereas non-residents are only pay tax on net assets within Spain but miss out on the allowances. for both cases, the tax is calculated each year on assets held at 31st December.

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