Since we announced in tax precision the abolition of the Wealth Tax by the Spanish government, last April, we have been getting many questions from our readers questioning if the abolition would happen and legislation will be enhanced soon.
From a legal point of view, I have been always defending that abolition was already approved by the Government. Please see the postings at Taxprecision.com.
However many readers were receiving conflicting advice from Tax consultants, lawyers and even Tax officials. Many of them said that the abolition was not confirmed. As a Tax lawyer I exercise extreme due diligence in terms of the information I post and I have been very confident with this particular abolition. Anyone understanding how the legislative process work in Spain should have been crystal clear with this matter and from here I would like to send a message to our readers to make sure they always check with qualified advisers and that those qualified advisers “do their homework”.
For those who still need to be 100% sure, the Government of Spain has now officially announced, by second time, the abolition of the Impuesto de Patrimonio, which you can see in the official Government page at La Moncloa.es.
Legislation has not yet been enhanced on this regard and we shall wait to see the final piece coming very soon. Meanwhile, and as usual, we welcome any comments or questions.
Tags: Domicile, Double Tax Treaty, Wealth tax