Spanish economy expanded 0.6% between April and June

 

 

The Spanish economy grew 0.6% between April and June from the previous quarter, according to provisional estimates by the National Statistics Institute (INE).

 

This is a tenth of a point higher than the Bank of Spain’s GDP growth estimate. If the figure is confirmed a month from now, it will put the annual expansion rate at 1.2%, confirming that Spain is slowly pulling out of its worst crisis in recent history.

WHY IS IMPORTANT TO PRODUCE A SPANISH WILL

We should know about how important is having a will in Spain in case of people national of other countries when they have property in Spain as it can be a house, and being or not residents in Spain.

Making a will in Spain will protect the rights of the family members and heirs and gets easier the way to claim an inheritance in Spain by reducing costs and paperwork, by a citizen of another country. In fact, the process is much more complex and expensive if there is no Spanish Will produced, because claiming an intestate inheritance in Spain or one produced in the country of origin with respect to the property in Spain requires a large amount of time, money and documents that will be affecting directly the heirs.

Non Resident Tax

A person who is non fiscal resident in Spain and is getting any kind of income in this country during the year has to be declaring and paying taxes for the incomes received. The most common case is a Non Resident person who owns a holiday house or property in Spain.

Regardless of whether or not the real-estate property is leased out, income from said property shall be subject to IRNR. However, the tax treatment varies depending on whether or not the property is leased.
 

Spain sees record tourist numbers for first half of year

According to the FRONTUR Survey - Inbound Tourism Survey - drafted by the General Sub-directorate of Tourism Information and Studies of the Ministry of Industry, Energy and Tourism, Spain posted a new record for the first half of this year with a total of 28 million inbound tourists, an increase of 7.3% on the same period of 2013.

​Between January and June, the United Kingdom was the top emitting market once again with 6,535,251 tourists (up 5.8%); followed by Germany with 4,658,700 tourists (up 8.8%) and France with 4,239,804 tourists (up 10.3%). In this period, Catalonia was the top destination autonomous region with 7.1 million inbound tourists.
 

Why now is the best moment to become Self-Employed (Autonomo)?

At this moment you can take advantage on the benefits applied on the taxation, social security and public helps available to establish your own business as self-employed because now  is cheaper and more convenient than ever.

 

Reduced Social Security fees

 

If you are under 30 years, during the first 6 months of activity the fee is around 50 € , a reduction of 80 % over the normal fee . In the next 6 months , the reduction is 50% and in the 18 months following a reduction of 30 %. 

 

The Government reduces to 15% the withholding rate on professionals incomes.

 

 

In an attempt to improve the economic data the government has begun to publish measures to encourage economic growth. According to art. 122.3 of Royal Decree Law 8/2014 of 5 July 2014, the percentage of withholdings on income derived from professional activities is 15 percent where the volume of gross salary income of such activities for the year immediately preceding is less than 15,000 euros and represents more than 75 percent of the sum of the full income from economic activities and work of the taxpayer in that year.

IMF doubles 2014 growth forecast for Spain in just six months

In the space of six months, the International Monetary Fund (IMF) has changed its 2014 growth forecast for Spain significantly: from 0.6% to 1.2%.

Improved economic performance that caught the government and the main analysis services by surprise has led the Washington-based group to add three tenths of a point to its GDP growth forecast in April of 0.9%, which was three tenths above that in its January report.
The international organization is also more optimistic about 2015, when it hopes to see GDP grow 1.6%. After that, the recovery is predicted to slow. After two recessions in five years, the Spanish economy is expected to still need around five years to return to pre-crisis wealth levels.

Inflation moderates to 0.1% in June due to foodstuffs and energy prices

According to the data published by the Spanish National Statistics Institute (INE), the Consumer Price Index (CPI) rose by 0.1% year-on-year in June - one tenth of a point less than in May. This slight moderation in the rate of inflation mainly corresponds to foodstuffs and energy products, particularly to electricity and certain food items such as oils and fats, fresh fruit and potatoes, which continue to balance out the strong rise recorded last year. Non-energy industrial goods have maintained their annual rate, while services have increased slightly. The general CPI rate in June has not changed on the previous month.

New incentives to hire young people.

One of the main problems in Spain is the high unemployment rate, to try to bring it down the Government recently approved a Royal Decree containing the so-called National System of Youth Guarantee, a new attempt to reduce unemployment among young people. Among the measures envisaged are new incentives for permanent contracts and changes to contracts for formation and learning and training contracts.

What if my Tax Return is wrong or I did not file it in time?

 

The deadline for filing the 2013 tax return was on 30 June but ... what if after the period ended, we realize that there was an error and want to fix it? How to act now?. How to act in each case varies depending on whether the mistake favors the tax authorities or us.