Spain - wealth tax to be introduced

Determined to meet its ambitious fiscal deficit reduction targets, Spain’s government recently voted in favour of plans to reintroduce wealth tax.

Suspended in 2008, the government now aims to reintroduce a modified version of the tax on wealth in 2011 and 2012, in a bid to generate much needed additional fiscal revenues in 2012 and 2013.

Proposed statutory residence test

The Government has published a consultation document proposing the introduction of a statutory definition of tax residence for individuals.  The stated purpose for introducing such a rule is to provide greater certainty and clarity for individuals. 

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