Tax reform: changes in personal income tax
Posted: Thu Dec 26, 2024 4:45 am
The content of the tax reform that the Government has decided to approve is already becoming known . While not all the measures have been published in the BOE, changes are announced, almost exclusively, in the Personal Income Tax and in the Corporate Tax. The changes in the Personal Income Tax affect the tax brackets and rates to be applied.
Changes in the sections
The main change in this regard is that the tax brackets are reduced from seven to five, and the rates to be applied in each of them are also modified, which compensate for the increase approved in 2011.
The reduction in rates will be applied in two phases, so that the new brackets and their rates would be the following, according to the taxable base:
New social deductions
In addition, the deductions applied to the tax and corresponding to the family minimum are modified .
A new deduction is also being introduced, which can be applied by both large families and those who have disabled descendants or ascendants in their care . This deduction denmark whatsapp number data will work in the same way as the maternity deduction and will also be 1,200 euros per year. This deduction is cumulative, so if you find yourself in both situations, 2,400 euros per year will be applied.
Income from savings
The reform also introduces changes in the taxation of savings income . The tax rates will be as follows:
Reduction of professional withholdings
Another of the measures contemplated in the tax reform involves the reduction of the withholdings applied by self-employed persons who carry out professional activities. These withholdings are applied to the invoices issued to their clients by these professionals.
Changes in the sections
The main change in this regard is that the tax brackets are reduced from seven to five, and the rates to be applied in each of them are also modified, which compensate for the increase approved in 2011.
The reduction in rates will be applied in two phases, so that the new brackets and their rates would be the following, according to the taxable base:
New social deductions
In addition, the deductions applied to the tax and corresponding to the family minimum are modified .
A new deduction is also being introduced, which can be applied by both large families and those who have disabled descendants or ascendants in their care . This deduction denmark whatsapp number data will work in the same way as the maternity deduction and will also be 1,200 euros per year. This deduction is cumulative, so if you find yourself in both situations, 2,400 euros per year will be applied.
Income from savings
The reform also introduces changes in the taxation of savings income . The tax rates will be as follows:
Reduction of professional withholdings
Another of the measures contemplated in the tax reform involves the reduction of the withholdings applied by self-employed persons who carry out professional activities. These withholdings are applied to the invoices issued to their clients by these professionals.