Taxes

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11 Dec 2008 12:00 AM by sylvia and edward Star rating. 19 forum posts Send private message

I have just rec a bill for non resident taxes  due 15th dec for 800 euros , Does that sound right  as i will need to pay this if correct .

Anyone know ??

Sylvia




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12 Dec 2008 9:41 AM by jeannie Star rating in Miraflores. 119 forum posts Send private message

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Hi - hope that this may help - regarding the non resident annual tax due on property owned here in Spain.

The tax is on 'assumed' income - as the authorities assume you have the potential to let your Spanish property - because as non resident you are obviously not residing in it.

They calculate that you have potential earnings of 2% of the town hall value of the property ( value for rates - not market value).

Of this 2% - you are taxed at 25%.

So - a property of the ( rateable) value of  € 165,000 - they assume income to be € 3,300 euros.

On this amount - you are taxable at 25% = € 825 euros per annum

Kind Regards

Jean

 

Non-Residents' Tax
WEALTH TAX (FORM 214)
Non-residents' Wealth and Income Tax
Non-residents without permanent establishment
 
This tax has to be paid by all people who are non-resident and own a home in Spain.  Each owner is regarded as an independent taxpayer, therefore they each file separate returns.
 
This tax is payable in the year following the purchase of the property.  For example, if a non-resident bought a house on 12th July 2006, he or she will have until 31-12-2007 to pay this tax.  Since in Spain the tax year is the same as the calendar year, in 2007 we pay tax on our income in 2006.
 
Of course, the tax is calculated pro rata the number of days between becoming the owner of the home and 31st December.
 
The main data which are taken into account when calculating this tax are:
 
  • Date of purchase.
  • Number of owners, address of the home.
  • NIE and passport: as usual, one has to have a NIE – Tax ID Nº for Foreigners – in Spain in order to pay taxes.
  • Council tax bill.
  • Price paid for the home.
  • Amounts still outstanding on the mortgage, if one exists.  This matter is very important, because the capital sum which the taxpayer has left to pay on the mortgage each year, will considerably reduce the resulting tax payable.



_______________________
Jean Kouijzer

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