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well one part of the dual inclusive tax ? i have had an email sent to a mate who has a place near Villamartin, is it true ? pasted below
Message Received: Feb 09 2009, 12:26 PM
From: "PSI CONSULTANTS"
To: "Aron Rodriguez"
Cc:
Subject: UPDATE ON THE NON-RESIDENT TAX FOR NON-RESIDENT PROPERTY OWNERS
9 February, 2009
To Our Valued Clients;
This is to inform you of the change of the tax system applicable to yourselves as owners of properties here in Spain . As you may remember, a letter was sent to yourselves last year about the non-resident tax of which we paid on your behalf. For such, we are sending you this letter of update as part of the services we provide to our fiscal/legal clients.
The non-resident tax is composed of two taxes filed in one form. These taxes are the IMPUESTO SOBRE EL PATRIMONIO or the WEALTH TAX AND IMPUESTO SOBRE LA RENTA DE NO RESIDENTES.
The Impuesto Sobre el Patrimonio or the Wealth Tax is a tax applied on all the wealth in Spain including properties, yachts and expensive paintings or any similar items. An increasing table rates are applied to these taxable items depending on its value. In the case of the property, the title deed price. Spanish mortgages are considered as personal deductibles making the wealth tax lower.
The Impuesto Sobre la Renta de No Residentes is a tax applied to the Cadastral Value of the property. This cadastral value can often be found on the Local Council Rate bill or the IBI Bill from the town hall or from the IBI office. Normally, as the IBI bill is released a year or two after the property is signed, the law states that a certain percentage of the Deed Price of the property will be used to get the property’s cadastral value.
THE NEWS: The Spanish Tax Office now declares that the IMPUESTO SOBRE EL PATRIMONIO OR WEALTH TAX HAS BEEN ABOLISHED.
This is good news for all the Spanish property owners as this would make the non-resident tax lower for the year 2008 which is payable this year – 2009.
Now to clarify matters, please be aware that the IMPUESTO SOBRE LA RENTA DE NO RESIDENTES has always been a part of the non-resident tax together with the WEALTH TAX. It is only the wealth tax that is abolished and therefore, the IMPUESTO SOBRE LA RENTA DE NO RESIDENTES still has to be paid.
For the meantime, we are still waiting for the final statement from the tax office as to which OFFICIAL FORM will be used in filing and paying this tax. Once confirmed by the tax office, a final statement will be sent by PSI Consultants to yourselves.
For any other clarifications with regards to this matter, please do not hesitate to email us or contact us and we will be more than happy to respond to your queries.
Also, for those who are paying their own electricity in Spain, please be informed that as of January, 2009, the electric company, IBERDROLA, will be charging all its clients every month. Before, IBERDROLA bills were deducted from the bank account every 2 months.
Yours truly,
Aron Rodriguez
PSI CONSULTANTS
Calle Salvador Dali 8 (Near Via Park I and II), Playa Flamenca, Orihuela Costa, Alicante
Tel: +34.966.730.104
Fax: +34.966.730.710
Email: info@psiconsultants.es
Office Hours
Mon-Thurs 10:00-14:00 16:00-18:00
Friday 10:00-14:00
Message Received: Feb 09 2009, 12:26 PM
From: "PSI CONSULTANTS"
To: "Aron Rodriguez"
Cc:
Subject: UPDATE ON THE NON-RESIDENT TAX FOR NON-RESIDENT PROPERTY OWNERS
9 February, 2009
To Our Valued Clients;
This is to inform you of the change of the tax system applicable to yourselves as owners of properties here in Spain . As you may remember, a letter was sent to yourselves last year about the non-resident tax of which we paid on your behalf. For such, we are sending you this letter of update as part of the services we provide to our fiscal/legal clients.
The non-resident tax is composed of two taxes filed in one form. These taxes are the IMPUESTO SOBRE EL PATRIMONIO or the WEALTH TAX AND IMPUESTO SOBRE LA RENTA DE NO RESIDENTES.
The Impuesto Sobre el Patrimonio or the Wealth Tax is a tax applied on all the wealth in Spain including properties, yachts and expensive paintings or any similar items. An increasing table rates are applied to these taxable items depending on its value. In the case of the property, the title deed price. Spanish mortgages are considered as personal deductibles making the wealth tax lower.
The Impuesto Sobre la Renta de No Residentes is a tax applied to the Cadastral Value of the property. This cadastral value can often be found on the Local Council Rate bill or the IBI Bill from the town hall or from the IBI office. Normally, as the IBI bill is released a year or two after the property is signed, the law states that a certain percentage of the Deed Price of the property will be used to get the property’s cadastral value.
THE NEWS: The Spanish Tax Office now declares that the IMPUESTO SOBRE EL PATRIMONIO OR WEALTH TAX HAS BEEN ABOLISHED.
This is good news for all the Spanish property owners as this would make the non-resident tax lower for the year 2008 which is payable this year – 2009.
Now to clarify matters, please be aware that the IMPUESTO SOBRE LA RENTA DE NO RESIDENTES has always been a part of the non-resident tax together with the WEALTH TAX. It is only the wealth tax that is abolished and therefore, the IMPUESTO SOBRE LA RENTA DE NO RESIDENTES still has to be paid.
For the meantime, we are still waiting for the final statement from the tax office as to which OFFICIAL FORM will be used in filing and paying this tax. Once confirmed by the tax office, a final statement will be sent by PSI Consultants to yourselves.
For any other clarifications with regards to this matter, please do not hesitate to email us or contact us and we will be more than happy to respond to your queries.
Also, for those who are paying their own electricity in Spain, please be informed that as of January, 2009, the electric company, IBERDROLA, will be charging all its clients every month. Before, IBERDROLA bills were deducted from the bank account every 2 months.
Yours truly,
Aron Rodriguez
PSI CONSULTANTS
Calle Salvador Dali 8 (Near Via Park I and II), Playa Flamenca, Orihuela Costa, Alicante
Tel: +34.966.730.104
Fax: +34.966.730.710
Email: info@psiconsultants.es
Office Hours
Mon-Thurs 10:00-14:00 16:00-18:00
Friday 10:00-14:00
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