The Annual Tax Return season 2018: everything you need to know.

The Tax Return season just started on April 2nd and it will finish the 1st of July.

The period to submit the Spanish Tax Return will be from April 2nd until the 1st of July. This year it is estimated that near 20.35 million of taxpayers will file it and 14.31 million of them will have a tax refund.

Everyone who reside in Spain and earned employment income equal or greater than 22,000 euros this year must do file it mandatory. However, for those who had more than one payer, it is will be mandatory to submit it if the total employment income received is above 12,643 euros or when the sum received by the second and following payers payer exceeds 1,500 euros.

This year there have been some interesting changes for the taxpayers. Most of them come from the State General Budget Law of 2018.

The most remarkable update was the tax refund for maternity or paternity benefits after the judgment of the Supreme Court ruled in favor of the taxpayers. In this sense, everyone who had withholding taxes applied on maternity/paternity allowance can ask for the refund.

In addition, the tax deduction for maternity (formerly of 1,200 euros per year for each child under three years old) has increased in 1,000 additional euros if the taxpayer has had expenses in nurseries schools.

Another change for this season are the family deductions. Specifically, the deduction for large families which has increased 600 euros for each child (from the fourth child) in case of large families of general category.

Additionally, the deduction for a spouse with a disability in charge has increased and will be of 1,200 euros income below 8,000 euros.

Finally, a new deduction has been created for taxpayers who has the rest of the family in another country of the European Union, lowering the final quota of the taxpayer.

 

B Law & Tax
International Tax & Legal Advisors

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Etiquetas: Tax Return, Period, Taxpayers