Regulatory Alerts2012-12-28
Law 16/2012 of 27 December adopting various tax measures for public finance consolidation and economic activity
The Spanish State issued Law 16/2012 to consolidate public finances by abolishing the primary residence investment tax deduction, imposing special taxes on lottery winnings, and limiting corporate tax deductions for large enterprises. The legislation also introduces a new tax on credit institution deposits, updates excise duties on tobacco, and significantly reforms the SOCIMI regime to stimulate the real estate market through a zero percent tax rate on rental income. Additionally, the law extends the wealth tax, modifies VAT rules, and implements technical improvements to local taxes and cadastral procedures.
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