2023 Income Tax and Wealth Tax Newsletter

As with Income Tax Campaigns in recent years, it is not possible to get an Income Tax return on paper, and it must be filed by one of the methods mentioned below.

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A simple way to fulfill obligations with the tax authorities, in relation to the annual tax return, is to accept or confirm the draft tax return. Further information here:

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When preparing your Income Tax return, you must consider whether it is better to file an individual tax return or, in the case of a family, a joint return.
Find out more here:

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A person's income tax base is divided into two parts: the general tax base and the savings tax base. 

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We'll tell you everything you need to know here:

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All information about reductions to the tax base for contributions to pension plans and other social welfare systems, as well as other matters, below:

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Once the tax base is determined, and reduced by applying any relevant reductions, we obtain the net tax base, which is the base on which the tax scale will be applied. All the information below:

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It is important to remember to enter personal and family details in the tax return that will entitle you to application of the so-called "personal and family threshold". We refer to them here:

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To determine the net tax liability, a series of deductions will be applied to the gross tax liability, of which the following are worth mentioning:

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Finally, the net tax liability will be reduced by applying certain deductions and withholdings that have been made during the fiscal year. We'll explain it here:

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The amount resulting from applying the applicable deductions to the net tax liability (including the international double taxation deduction) and the withholdings made, will be the so-called "differential" tax liability.

So, the final result of the tax return, which may be positive (payable) or negative (refundable), will be the amount of the "differential" tax liability once any applicable deductions for maternity and/or large families or those caring for persons with disabilities are applied.

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Finally, it is important to remember that in the case of married taxpayers who are not legally separated, if the resulting tax liability for one of the spouses is positive (payable) and the resulting tax liability for the other spouse is negative (refundable), the spouse whose payment is payable may ask the Tax Administration, at the time of filing the tax return, to suspend payment of the tax debt, without late payment interest, for an amount equal to or less than the refund to which their spouse is entitled. If the requirements established for this are met, the Administration will offset the debt of one spouse with the refund corresponding to the other spouse.

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The details of people required to file a return are explained below:

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All the information on the tax base below:

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Below, we will refer to those tax exemptions that we believe are particularly important due to their practical application:

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The Wealth Tax Law establishes a series of rules that regulate the valuation of different assets, rights and debts. Find out about them here:

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Find out the tax-free threshold depending on the autonomous communities.

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Once the taxable income is determined, and reduced by applying any minimum applicable reductions, we obtain the net tax base, which is the amount to which the tax scale is applied. The net result of this process is the amount owed.

As a result, the scale applicable to the 2023 fiscal year is explained here:

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Here we review the reduction by applying the joint limit with Income Tax:

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Discover below the applicable tax discounts that some autonomous communities have approved:

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When filing your Income Tax return, it is important to carefully check both the tax information provided by the Regional Treasury and information provided by all payers of income. You should also review matters such as the advisability of filing a joint tax return and, very importantly, all deductions that may be applicable. Finally, do not forget to consider losses brought forward from previous fiscal years.

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Below, we consider a series of matters related to the Wealth Tax return that you cannot ignore. This includes the obligation to file a tax return (or not), the assets exempt from taxation, the standards or rules for valuing assets, rights and debts, as well as the tax liability limitation rule due to application of this tax's joint tax limit with Income Tax. 

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If you are required to file a Wealth Tax return, there are a number of matters that you cannot ignore. Entre las mismas, cabe destacar la determinación de la obligación de presentar la declaración, los bienes y derechos exentos de tributación, las normas de valoración, así como la regla de limitación de la cuota por aplicación del límite de tributación conjunta de este impuesto con el IRPF

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Below, we consider a series of matters related to the Wealth Tax return that you cannot ignore. This includes the obligation to file a tax return (or not), the assets exempt from taxation, the standards or rules for valuing assets, rights and debts, as well as the tax liability limitation rule due to application of this tax's joint tax limit with Income Tax. 

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