Effects on wealth taxes assigned to Autonomous Regions according to Laws 26, 27 and 28, of November 27th 2014, of Personal Income Tax, Corporate Income Tax and Value Added Tax

Abstract

In Laws 26, 27 and 28, of November 27th 2014, which have respectively amended Personal Income Tax, Corporate Income Tax and Value Added Tax, there are regulations which affect, directly or indirectly, other taxes such as Net Wealth Tax, Gift & Estate Tax as well was Transfer & Stamp duties. Therefore, for the application of the latter taxes as of 2015, the aforementioned regulations must be taken into consideration, even though, paradoxically, the novelties have been included in Acts governing other taxes.

Provided the real scope of those novelties will be given by the interpretation made of every tax, and given that the new measures have already been thoroughly discussed in past collaborations in this publication, we only include a brief summary thereof for inventory purposes.

As the reader will note, with respect to the provisions concerning direct taxation, the main issue are the incentives associated to the so-called «family corporation». And in regards to indirect taxation, the effect the amendments will have on the delimitation between VAT and transfer & stamp taxes. What both classes of provisions have in common is the fact that all refer to controversial issues in practice.