Wealth Tax

Only for fiscal years 2011 y 2012

In 2011 enter into force the Act in Parlament 13/2011 aproving the Wealth Tax, on a temporal basis for fiscal years 2011 and 2012. Main changes:

• Exemption for the permanent residence 300.000 €
• Base exemption 700.000 €. This exemption applies now for non residents

Madrid aporved Act in Parlament 7/2007, with a reduccion of 100% in the tax base, so this tax will have no real effect over Madrid residents.

Model 347. Yearly Declaration of operations with third parties over 3.000 €

New Deadline: 28 of Febrary 2012

Ministry of Economy introduced changes for model 347 starting this year 2011:

• New deadline for presenting the model 347 is Febrary 28th 2012
• In the new model you must tell the total amount of operations during the fiscal year with every customer and provider, and also (that is the new part) the amount term by term.
• Companies oblied to present model 340, are not oblied to present 347. Model 340 is required por asquing return of VAT every term, not only at the end of fiscal year.

Model 340 will be mandatory for all companies from 2014. »