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Then we present a summary of ideas to optimize the Tax Reform. Actions to do or not before 31.12.14


– Changes in the tax rate. In general: defer income and advance expenses.
– Getting started for the loss of the coefficients of gloom and restatement (different case if shares publicly traded and others).
View taxation models seniority to rate. View contribution to sales SL or deferred, especially property VAT or unlisted equity securities.
To assess the possible application of the Transitional Regime new limit DT9 € 400,000 (which do not now “spent” this way in the future)
– Exemption Gain Wealth taxpayer if> 65 years and invests in Annuity (top € 240,000)
– Gains less than one year passed 2015. Losses <1 year, producing them in 2014. Losses generated> 1 year, producing them in 2015 if they are not compensated in 2014.
– Rescues old insurance products (?). Finally, it seems the Transitional Regime DT4 limit is extended and € 400,000. A study with the agent / insurance company.
– Reduction of irregular yields. Generate now? (whether higher tax rates do not harm more). (Check for irregular loans yield <1.2006)
– Hand out before the end of the year, share premium (+ shareholder contributions?) And consider whether to reduce equity interest now (if reserves generated in possession of the securities period). Distribute dividends enforceability 2014 2015 or beyond? See effects on the Balance companies about the impact on its net assets.
– Check status professional societies and their partners-employees.


TAX RATES (truths and lies of the Tax Reform)


1. This deduction rate has no scope has been said by the government, because they wanted to compare only with the extraordinary situation that had been created for 2012 and 2013 and then was extended in 2014. It is interesting to examine changes and be aware of how quickly it reaches the marginal rate in the general base (47% (without autonomic surcharge) in 2015 (45%, 2016) and from € 60,000! When we were 43% for> 53,000 in 2011).
2. In any case, yes there is a reduction in tax rates in 2015 over 2014, both General and Special Base Base. This deduction is more important in terms of the General Base, in the lower reaches and higher. In savings base, the reduction occurs only at higher stages.
3. Accordingly, interested in general DELAY INCOME 2015 (on the basis that the revenue to be in the same tax bracket approximately). It will interest the same way, FORWARD EXPENSES in 2014 (economic activities, rentals, etc …), also exceptions.
4. It may also be important to analyze the change in certain income (short term) are treated as subject to savings base rather than general base, and the effects of potential compensation of bases between such income savings (both in nature and percentage -from 10 to 25%, after a transitorio- regime)

WORK IN OTHER INCOME (RT) should be considered:
– Appearance Expenses Difficult Justification RT 2,000 € (Article 19)
– Change address new job in unemployment situation: 2.000 € (Article 19)
(These capped at RT Integro less expense reductions SS and others)
– Varia calculating Net Reduction Performance Work (RNT), depending on the amount of the Net Yield (RN).
– But disappears increase of 100% over the now existing reduction for accepting a job that involves moving home and disabled workers.
– Payment in kind per household. Shall be 5% of the cadastral value only if 10 was revised in previous years, ie, not like before (applied by 5% if revision from 1.1.1994).
Therefore, more than 10% cases.
– Payment in kind by vehicles. 30% non-reducing contaminants. (Article 43b)
– Contributions Heritage disabled. Apply different limits for input on the minimum wage. (Article 7)
– RT for pensions from abroad and they have declared not. Term interest and penalties opens up to 30.06.2015, without charge, by complementary for each period. Retroactive effect is given to the norm, so forgive the interest, penalties and surcharges, including executive period which has occurred for this item.
In that case, will be returned by the AEAT.

– In 2015 the deduction of the first € 1,500.- for dividend collection is deleted. Does it come out dividends enforceability 2014 2015 or beyond ?.
– Emergence of new rule to determine the Net Yield (RN) Deferred capital (less raw collection) where there is part of premiums for death / disability and survival.
Only now can all premiums deducted if the portion of premiums for death / disability (capital at risk), is less than 5% of the mathematical reserve. (Art. 25.3)
– The negative derivative of the profit RN transmission intervivos acts (donation) of bonds, debentures, etc .. (transfer of assets representing equity) are not counted. (art. 25.6)
– Emergence of new instruments Long Term Savings (5 years), from 1.1.2015, with tax exemption schemes of taxation on the income earned.
SIALP / CIALP (Insurance / Bank Savings Account Long Term). Possibility is expected to mobilize (as Investment Fund.). Tope taxation year € 5,000. One per person.

– Difficult limits vary Expenditure Justification Performance of Economic Activities. Limited to € 2,000.
– Budget Act. It is expected to delete in Direct Estimation (ED) Net Yield Reduction 20% of the activity, for maintenance work. Who remain concerned, might be interested in ANTICIPATE INCOME IN 2014.
– The minimum necessary condition leased property is changed. Already Local NOT required for economic activity (person only employed full time) is considered. Attention has not been modified in the Wealth Tax and Inheritance and Gift Tax.
– Exclusion EOS (Modules) (. Art 31) (Effective in 2016. See if we overcome limits in 2015) if:
a) Overcoming Income Limit. integrity previous year. Change 450-150000 € (excluding agriculture or farming.)
Or to issue invoices in which the recipient is an entrepreneur or professional and exceeded by next> € 75,000
b) Case of Agricultural and Livestock activities and now forest:
New Limit = € 250,000 (previously € 300,000 In Project 200,000 and latest amendment. 250,000)
It is no longer excludes b) that spouse, descendant or ascendant with activity. on ED. (counts only the taxpayer.)
c) Volume purchases (excluding acquisitions of fixed assets)> 150,000 (previously € 300,000).
50 and € 225,000 for “moduleros” businessmen holding 1%: other limits are deleted.

Capital gains and losses (Customised. DT 9th). amendment

May no longer be applied equally offset coefficients, which existed for acquisitions prior to 31.12.1994. NO longer be possible to reduce the Gain Wealth according to the “Pro Rata tempori” calculation or value of listed shares in 2005 (see case if the transferor has +65 years except goodwill to € 400,000).
A study possibility:
a) sale, especially if they are listed shares with total relief.
b) sale with deferred payment for stocks and shares. NOT listed and property,
especially if they’re restrained (or waiver) to VAT.
c) may consider a contribution to S.L.?
d) Check if interesting to apply the amendment. € 400,000 limit.
Note the importance of the sequence of sales since the first with less profit, they could consume in the wording of the rule, the possibility of applying it to other post more profit. LIMIT APPLICATION € 400,000
The Parliamentary Group of the PP has proposed an amendment to this DT 9th, changing the suppression of offset coefficients for a new regime. The wording is complicated as great improved insurance.

Coefficient update eliminates existing land transactions (abrogated. DT 9th).

Again assuming reinvestment taxpayers +65 years is created. If the Gain Wealth is reinvested in six months in an annuity insured under the Regulation. (limit € 240,000).
For Partial reinvestment (pro rata) is permitted.

Deal before end of year, share premium (+ shareholder contributions?) And consider whether to reduce equity interest now (if reserves generated in possession of the securities period). See effects in the balances of Societies for the impact on its net assets

SALES TERM. Interested retail tax rate in 2015 than in 2014.


– Care Transitional Rules to Rescue P. Pension with implementing the 40% reduction in force for contributions until 2006. If the contingency occurred from 2011-2014 and to apply this reduction, recovery should occur until the next 8 years that occurred (if 2014, 2022). If the contingency occurred in 2010 or earlier, the RT will only apply if redemption is before 31/12/2018 (RT 11th).
Attention, after not come down to 30%, is that no reduction.
– A new course for the Rescue of Retained Rights is included in a pension plan (DA 7th): that within 10 years the contributions, if permitted by the Plan. It will be compatible also with new contributions. It may therefore be planned if interested her rescue in years without income.
– No you can apply the double scale in “Annuities for Food” should be entitled to the deduction for descendants. Case controversy “shared custody” legally entitled the deduction for children and food annuity application, closing the problems created between the SATA / DGT and thus solves Courts. (Article. 64),
– Fees political parties. Reductions spend deductions to 20% with maximum Base 600 € (art.68). If anyone thought to contribute that exceeded this limit in 2015, will have to advance them in 2014.

– For Rental Housing usual. This deduction is deleted but Transitory Regime (RT) (DT 15) is created.
They may continue to apply those taxpayers who have been entitled to this deduction before. NOTE: If the contract is signed and begins to pay before 1.1.2015, this right could be generated (if all requirements are met).
– Grants for non-profit organizations and tax incentives for patronage, according to Law 49/2002. Regulation is changed and set to work in sections: Up to 150 € (total donations taxpayer) 75% deduction (2015 = 50% RT). Rest 30%. A ‘loyalty’ so that if an amount equal to or greater than the two previous tax periods is provided, the deduction increases to 35% (32.5% in 2015) is established. You might be interested in someone make 2014 a part of donation to an organization this year.
– Attention deductions for donations to foundations or nonprofit entities not under Law 49/2002 are deleted. If this is the case, you better make before year end 2014.

– EXIT TAX. Is to pay for the unrealized gains on shares, upon ceasing to be resident (when it was 10 of the last 15 years). There are different treatment to leave a country from EU / EEA countries outside EU or tax haven, if for work or not. (Art.95). Proceed payment deferral, endorsement and, if applicable, return.
Quantitative limit. Only if> 4 Mill / € in any case or> 1 Mill / € if you have> 25% in the equity of the company.
Only shares or units. (no property, no gold or other investments. Nor titles Collective Investment)
– Fiscal Transparency International. Transparentables rents “empty” foreign companies. Shall be settled by year-end, the increase in value of participation (eg if society in Luxembourg) (art. 91)
– System of impatriates. Elimination € 600,000 to qualify, although higher yields taxed at full scale (not 24%). Not applicable to professional athletes. Now apply Administrators involving <25% (art. 93).
Att. (DT17): Displaced before 1.1.2015 current regime may continue until the end.
– Civil Societies commercial object, passing in 2016 to income tax, and accounting. They enable a Transitional Regime for dissolution (DT 19th), which aims NEUTRALITY in income tax, ITP, Goodwill … (no VAT) similar to that applied at the time for holding companies (minutes in six months of 2016 -remember if you like legitimize signatures-)

– New deduction for:
– Large and disabled people have at their ascendants and descendants with deductibility family. (new art.81 bis).
It is a deduction in return, much like motherhood and is expected to advance payment, depending on the number of months in which the requirements are met.
– Deductions. (Art.101) Reduced rates. application:
– 18% (novelty via amendment) to Professional, although 2015 = 19%. Serà 9% in startup activity. In the case of Principled Performance in previous year <15,000 R = 15%, provided that these have been Principled Performance> 75% to the sum of its Principled Performance of Labor and Economic Activities.
– Idem 18% (and 19% in 2015) for courses, conferences …
– 19% (but 20% in 2015) for Income Capital Furniture, transfer of shares of IICC Societies, and the Subscription Rights (now both listed and unlisted and without differentiation).
– 35% Remuneration for directors. Discount 35% and 19% if turnover <€ 100,000.
By 2015, these two types are transiently, 37% and 20% respectively.
– 15% Arrears Working Income.
– Retention bonus issue and capital reductions with refund of contributions. No withholding is expected (unless law provides otherwise) but statement (reporting obligations) (art. 105.f).

We remain at your disposal for any questions wish to raise.

November 2014.

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