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VALUE ADDED TAX (VAT)

The Spanish Tax Agency briefly defines VAT as follows: VAT is a tax of an indirect nature that is levied on consumption and taxes: the supply of goods and services provided by entrepreneurs and professionals, intra-Community acquisitions and imports of goods. All purchases, except for some exceptions listed in the legislation, must also pay their [...]

Minimum Interprofessional Salary

Minimum Interprofessional Salary In recent times there has been much talk in political circles about the minimum interprofessional wage, in the Royal Decree Law 3/2016 of 2 December, a rise of eight percent is set for 2017, the Government will have the power to decide the affectation of this increase to the references of the [...]

CASH MOVEMENTS

When travelling abroad with cash, for an amount equal to or greater than 10,000.00 euros, it is necessary to file the "Declaration of movement of means of payment" form S-1. In the case of journeys within the national territory, the amount is 100.000,00€. This declaration must also be submitted in the case of foreign currency [...]

THE CONTRIBUTION OF SELF-EMPLOYED COMPANIES IS DEDUCTIBLE ON INCOME TAX

The working partner of a company, who has effective control of the company, must contribute to the Social Security, in the Self-Employed Regime. You can deduct contributions on your tax return whether you pay them or the Company pays them. The difference is that if they are paid by the company, this payment must be [...]

Organisation of the SPANISH TAX SYSTEM

The Spanish tax system is organized as a set of taxes, which are levied by the different levels of the Public Treasury in Spain (State, Autonomous Communities and Local Entities) to obtain coercive income to finance public spending. The original power to establish taxes corresponds exclusively to the State by law, but the Autonomous Communities [...]

INTEREST-FREE TAX DEADLINE EXTENDED TO 4 MONTHS

Royal Decree-Law 19/2020, of 26 May, includes several complementary measures on agricultural, scientific, economic, employment and tax matters. In relation to the measures in the tax area, it is worth highlighting one related to the deferral of taxes for the self-employed and SMEs. Deferment of tax debts Tax deferral without interest on late payment is [...]

IS (Corporate Income Tax)

Corporate Income Tax is a personal and direct tax, with a single tax rate, which is levied on income obtained by companies and other legal entities resident in Spanish territory, as opposed to Personal Income Tax, which is levied on income obtained by individuals. Companies are obliged to keep accounts which are to be filed [...]

THE VISIT OF THE TAX AGENCY INSPECTOR

  When the Inspectorate makes a surprise visit to a taxpayer, it must follow the established procedure: If you enter premises where an economic activity is being carried out, you must do so during working hours. In case of lack of judicial authorisation, if it is done in the home, you must inform the taxpayer [...]

What is inflation?

Inflation is the increase in the prices of goods and services over a given period of time. The rise in prices also means a decrease in the population's purchasing power. This means that with the same money we can buy fewer goods and services. Let's take an example: in 2017 a loaf of bread cost [...]

MINIMUM VITAL INCOME

A new benefit, called "minimum living income", has been approved for people on low incomes. The main features of the service are: 461.50 per month (in 12 instalments) for an adult living alone. If it is a cohabitation unit (people who live together, united by family ties or as a common-law couple, up to the [...]