Spain’s Non-Resident Taxpayers Jubilant At EU Tax Ruling
The Spanish government has announced changes to the law governing income tax, levied on non-residents who let their properties in Spain.
Up until now, non-residents who had no permanent establishment in Spain have been forced to cough up 24 per cent of the gross income derived from letting their property without any allowances against expenses, such as costs involved in maintaining the property.
As a result, in some cases, the tax amounted to more than 60 per cent of the actual profit.
Not for the first time, Spain has clashed with the EU, which has cried foul and demanded that Spain change the rules.
So now, under the new law, those affected can deduct the expenses connected with the letting of the property, enjoying the same rights as residents.
More detailed information can be found HERE