(07/18/2023) The new Balearic Islands Government has approved the first Decree Law that modifies the effective taxation of inheritance and gift tax as well as the tax on property transfers.
SUMMARY OF THE REFORM:
Objectives of the reform:
To facilitate transfers of wealth between immediate family members and reduce the tax burden on these transactions.
Stimulate the purchase of homes for young people and people with disabilities, as well as for large families and single-p...
The seventieth additional provision of the LPGE for 2023 introduces the special tax regime of the Balearic Islands with effect for tax periods beginning between January 1, 2023 and December 31, 2028
SUMMARY OF THE SPECIAL REGIME OF THE BALEARIC ISLANDS:
The reserve for investments in the Balearic Islands offers tax benefits to corporate income tax and non-resident income tax payers who allocate part of their profits to this reserve, provided that they come from establishments locate...