Income Tax Rates in Spain

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27 Aug 2010 00:00 by ayobnyrnep Star rating. 17 posts Send private message

As a precursor to possible retirement in Spain,  I've looked at this forum for a few years now and find it so interesting and enlightening. I'm surprised however to have seen little comment on Income Tax rates in Spain. As an expat Brit, currently living in Cyprus, I thought it might be interesting to compare the amounts of income tax payable on various levels of income with UK and my present home.  Tax payable in each country on income ranging from €20,000 to €60,000 is as follows (£1 converted as €1.22). Spain seems to be very, very highly taxed, or am I missing something here?

  Spain UK Cyprus
Income Tax payable Tax payable Tax payable
20000 3564 2420 100
30000 6249 4420 2200
40000 9215 6420 4885
50000 12915 8420 7885
60000 16702 11714 10885
       
       
       
27 Aug 2010 13:58 by suemac Star rating in Jumilla, Murcia. 1015 posts Send private message

Have you taken allowances into consideration in your calculations?

Sue



_______________________

 Sue Walker

Author of "Retiring the Ole Way", now available on Amazon

See my blog about our life in Spain: www.spainuncovered.com




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27 Aug 2010 14:13 by ayobnyrnep Star rating. 17 posts Send private message

 Hi Sue, Yes I have. I used EUR 5,151 for Spain, EUR 19,500 for Cyprus amd GBP 6,495. I didn't do a great deal of research and was rather hoping someone might tell me I'm talking through my rear regarding Spain as the taxes seem to be so astonishingly high. Although it must be said that Spain's top rate is only 43%, compared with 50% in UK (but only on income over GBP 150,000!)





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DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


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