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On Saturday July 5 has been published Royal Decree-Law 8/2014, of 4 July, approving urgent measures for growth, competitiveness and efficiency. In the same few measures planned tax reform forward.

• It exempts from income tax with effect from 14.1.01 and earlier not prescribed, in lieu of payment of the principal residence of the debtor or guarantor of the debtor to cancel debts owed to mortgage credit institutions and the profits that are revealed when the housing court or notarial foreclosures forward.
• Declare exempt from tax on the increase in Value of Urban Land transmissions produced in terms of the above (2014 and earlier non-prescription), considering main residence where the taxpayer has been enumerated so uninterrupted at least 2 years prior to the transfer, or since acquired, if they had not passed 2 years.
• Therefore, if a taxpayer has given him a capital gain in income tax or have due taxed on IIVTNU in periods prior to 2014 are not prescribed in these circumstances, you may request correction of the self-assessment and the corresponding return of income improper.
• Preference shares, subordinated debt and securities received by repurchase or exchange of the previous debt:
Capital income or negative furnishings generated before 15/01/01 by the exchange or conversion of preferred or subordinated debt may be offset by a surplus of netting of gains and losses from transmission. Also, the balance of offsetting losses against capital gains arising from transfers of those financial products or received by the exchange, may be offset against positive income from investment income. The negative balance resulting in both cases may go to the next 4 years.
o If 2010, 2011, 2012 and 2013 deficits from those financial products or securities for which they were exchanged, which are pending compensate 01/01/14 crawl, be compensated in the same terms: negative returns with balance transfers gains and losses balance thereof, with positive income from capital (provided that within 4 years has passed).
o In 2014, if after compensation of the preceding paragraphs even quedase negative balance, you can also offset by the positive balance of capital gains not from transmissions.
• Withholding tax on income from professional activities: the withholding tax rate on income from professional activities, which currently is set, in general, 21% of gross income will be, from 5 July, 15% when the volume of these returns intact for the previous year (2013 in this case) is less than 15,000 € and represents more than 75% of the sum of income from employment and economic activities. Naturally, for the payer apply this special type of retention, the professional must notify.
• rules for the harmonized tax Tax Deposits in credit institutions and are given with effect from 01.14.01, a rate of 0.03% is set, targeting their collection to the CCAA. Besides setting the tax base changes.

I hope that this information is helpful, I send cordial greetings,

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